Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago,

User Stats

4
Posts
0
Votes
Sara Cogar
0
Votes |
4
Posts

Nerves? Or did I do it wrong?

Sara Cogar
Posted
We are under contract for a 1700 sqft 3/2 home on just over an acre in spring branch, tx. It's in a very high end neighborhood. It needs some cosmetic work. But really doesnt need much for us to rent it out (we plan on 1800/mo) We are under contract at 154000 with them paying their half of closing. So that puts us needing about 40k for down and closing. We are taking about 23k out of our 401k for down payment and using cash for the rest. The loan repayment will be about $960 401k repayment will be about $400 I plan on hiring property managers as well, and they are about 10% of rent plus some other fees. Plus all the allocations for repair and such I need to account for... I feel like 100 cash flow isnt much. I'm nervous that I didnt make the right decision tho. Any encouraging words? Am i doing the right thing, or did I screw the pooch?? The only thing keeping me going is that if I made cosmetic repairs I could flip it and probably get at least 30-40k profit.

Loading replies...