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Updated over 3 years ago,

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Kunaal Tailor
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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

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