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Updated almost 12 years ago,
Buying another rental will these numbers work?
I am going to buy another rental in late summer in Colorado. I want to give my agent some ideas about what I want. I have $35,000 to use for down pmt. If I am correct this should be enough to by a dueplex in the $100 to $125K range. At 4% interest the P.I. payment should be $350 to $430 dollars. I just bought a dueplex in the same area for $100K. Taxes and insurance are $1,600 a year. I use a P.M. and they get 10%. I am thinking total rent should range from $1000-$1200 a month.
Question is are my perameters in the ball park??
Thanks in advance for all your help. Bigger Pockets ROCKS!!
RR