Financing to Rent...? Need advice.

[Danny Pena]

Hey everyone, (Still super new to the forum)

I want to go over some of the thoughts going through my head:

-I have very little to invest in Real Estate at this time,

-I have just been approved for a home,

-I am thinking about financing the property and renting it out for an approximate profit of $200 a month (after Condo maintenance fee or HOA fee).

My main question is:

I want to profit AT LEAST $200 on this property (my first property). If the property is $40,000 - my monthly expense/payment is $600 and I can rent for the property for $800 -

Is this really a good investment, pending the place is move-in ready?

[William T.]

Have you considered financing a Single Family Home because more people will want that over a condo. Without knowing too much about your market, IMO I would want an investment I can market to a single person, a couple, or a family. Pending the number of rooms, you are most likely to only market to a single person or a couple. This is just my 2 cents... Also think about your exit strategy, a condo will be hard to sell possibly depending on when you want to sell it. This is very true for my market. So please review the purchase and the exit stragedy.