Is this a good first investment? The numbers are as follows...

[Curtis York Jr]

Property costs 9,900 I am able to pay 6,000 = 500 a month or 250 a check (bi-monthly) in one year 2 bedroom 1 bath 20 months or 1 yr, 8 months to pay off 8,100 in repairs. 18,000 loan 5% is 900 10% 1800 Property sold as is. Also what would be the best way about acquiring the extra funds to finance everything? http://www.zillow.com/homedetails/99-Middle-St-Sumter-SC-29150/69173553_zpid/

[Jim Landoe]

I live in Seattle area.  I bought 4 of those in Memphis due to the low price.  Seemed like a good idea at the time.  Had local co. do the rehabs.  Ended up with about $27K per property avg. including purchase and rehab.  Would have done better to go for pricier rentals that didn't need as much rehab.  That would have put us in better neighborhoods that would allow for stronger rents and more stable tenants.  It would also have put us in neighborhoods with stronger appreciation.  I had to rehab again and again when tenants moved or were evicted by the property management company I had hired.  Was fortunate to sell them as a package at a $45,000 loss.  After that experience, decided to buy local and went for small apartment building.  Best thing I ever did.  Financial peace.  Good luck, my good friend.  My only regret is that I didn't take the steps you are taking 40 years ago. The time goes by incredibly fast.  We could have kept and paid off every home we ever owned that would be paying us now.