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Updated over 3 years ago,
Looking at purchasing first rental property
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