Purchased Condo (good deal/bad deal)

[Brad Swaney]

Fairly new to rental business. Just bought my first Condo rental. Let me know what you all think of this deal I just did. Numbers Purchase Price: $20,000 Loan: $20,000 @ 4% interest for 5 years = $368.33 (owner of Condo is doing loan for me) Rent $450 to $500 Condo Fee $70 monthly (covers lawn, snow removal, exterior maintenance, swimming pool) Property Taxes = $705 yearly Rental ready cost upfront: $2,000 So not going to be making any money during the first 5 years. Private lender for money was only willing to do 5 years. However I don't have any down payment or fees on loan besides the 4% interest Currently there is other investors buying these condos and renting to college students. I looked up there purchase price for these and they paid around $23,000 to $28,000 for them. Give me the good, bad, I made a mistake all that. Thanks in advance for your feedback