What Do You Consider a Good Deal?

[Martina F.]

I am looking to take my first leap into real estate investing.... My mother and step-father own three investment properties in the Philadelphia area that they rent and have had for years and so I learned a lot from them about how to screen for tenants, deal with tenant issues, repairs etc. I also went to school for my real estate license but that was only so that I could learn even more about the industry and gain connections... I've read and researched so much info I've lost count. I feel like I am now in the space where I am finally ready to take this leap. I am doing this on my own I am not reaching out to my parents for anything (a pride thing).... But what I want to know is what kind of property do investors consider idea?? I will be purchasing a multi-family unit (duplex or tri-plex) for under $200k in the Delaware County PA area which is made up of very nice suburbs. The property will be mortgaged also and after speaking with my banker I was able to determine that a $200k property will cost me around $600 per mth. Rent around the area I am looking at is $700-$1400. I am looking to get a property around $150k because I want to do some cosmetic work and charge on the higher end of the rent scale... After all things taken into consideration (taxes, expenses, vacancies) what do you guys consider a good deal? If you had your dream investment property what would it be? I have been a federal employee with the IRS for 5 years and major in Business Admin so I am well equipped with info on tax benefits and actually running a business just looking to hear from people with the actual experience. Would also appreciate advice on a good deal to flip (something I want to do later) and handling rental properties in other states since I am also looking at Florida real estate. Thx in advance!

[Tyrone Little]

Welcome @Martina Fripps

Look like you have a plan that you want to execute and I applaud you for that. I may be wrong here but a 200k loan with a pmnt of $600 doesn't seem correct. Did that pmnt include taxes+ Ins as well as possibly PMI ?