Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Kunaal Tailor
0
Votes |
1
Posts

Looking at purchasing first rental property

Kunaal Tailor
Posted

Hey Everyone, 

I am looking at purchasing my first rental property and was wanting to get some input for the community. 

I currently live in Houston, Texas and am looking at purchasing a property in East Texas, just north of orange Texas. The property is listed for $70,000 and below is what the property is being rented at. 

House 3bed, 1.5 Baths Rents for $800.00/mth

Apartment 1 bed 1 bath Rents for $300.00/mth 

Trailer Converted to 1bed 1 bath Rents For $300.00/mth

With a 30 year conventional loan with $14,000 down I am calculating ~$450/month mortgage including property management. 

1) Does this estimate sound right?

2) Would you all recommend going to see physically see the property? 

3) What are some of the documents I need to request from the agent selling? 

4) How much (%) should I be thinking for putting as a down payment? 

5) Any other concerns/issues I am may be missing with the purchasing of this property. 

I would greatly appreciate any feedback you may have as I begin my real estate journey. 

Best, 

Kunaal Tailor

Loading replies...