First time buying an investment property

[Stefano Mannino]

I am buying a one bedroom condo in Atlantic city NJ . I am buying the space for 55k plus $2500 in closing costs .Taxes are $2300 per year and maintenance is $3500 per year . It is currently being rented for $900 a month , with ten months remaining on lease . I am trying to build cash flow . Is this a good investment for me ? Can anyone give me some advice . I close in two days!!!

[Maureen Campbell]

Welcome to South Jersey! I own an investment property in Brigantine - just across the bridge. I haven't bought any condos and AC is a totally different market despite only being 10 minutes away - but the one thing I would make sure to check is the health of the condo association's finances. Also, I would check whether the CCRs put restrictions on the number of units that can be rented out at once by owners and whether you can do short term vacation rentals as well.

It sounds like you are pretty committed at this point since you close in two days, so my advice is to enjoy the ride unless you have a good reason to back out. I love my property and am really happy that I took the leap into real estate investing, but I was definitely thinking through every worst case scenario before closing.