Ready to Make the Leap in our first Rental

[Renee Moomey]

We have been running numbers on houses for a year and a half, we have narrowed down our neighborhoods and our plan was to purchase our first rental in 1st quarter of 2022. Due to being independent contractors and we need the successful year we have had to reflect on our taxes, this set our timeframe. We have the down payment, the out of pocket expenses for repairs, and the means to get this home ready. However, there is a house available now that we really want to get into. $35,000 list price. Estimate $3000 to get it ready. Will rent for $500. We are speaking with banks today about the financing. If this were you, how might your proceed or would you wait? 

[Danielle Jackson]

Congratulations. You are so close! Agree with @Abel Curiel, while initial #'s look pretty good, make sure you run the comps so you aren't overpaying. Good luck!