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Updated over 11 years ago,
No Experience, Looking for advice
Hi,
I have zero real estate experience but I am young and want to use my willingness to put in my time now to reap the rewards later. I am 25 years old and looking to get into real estate. I do however want to work smarter not harder.
Upon my initial interest of real estate I began looking at potential rental properties. Besides the worries of becoming a property manager I want to make sure I would be making a smart purchase. I found a 4-plex in a near by town and thought it looked interesting.
I really want to see if I could get some HELP from other members here. So why don't I get down to the numbers
4- Plex ( 2 bed 1 bath units ) All 4 units are occupied to supposed long term tenants.
The building is selling for $145,000
Each Unit rents for $425 per month ( Tenant pays electric ) All other utilities paid by owner
Annual Taxes $2000
Monthly Expenses Including Utilities Average $500 per month.
Just looking for some direction and if anyone can help me out
THANKS!