Getting Qualified for a Loan

[Eddie Martinez]

Hey BP Nation!

I am trying to obtain my first rental property. And would like another set of eyes to analyze this with me.

4 plex @ 130k (All 2,1 with utility room. 800sq ft. The upstairs units have a balcony.)

$550.00 per month rent with heated water included

$2070/yr in taxes 2012

$1500/yr Insurance

$45/mo electric

$35/mo lawn/snow

I would hire a PM for 10%.

First I want to know if this would be a good investment property, but also, how I can get a loan for this investment property. I hear that some investors will apply for an FHA loan and live it in it for a day or two and then move out. I already own my own primary with an FHA for 15 fixed. I don't have much equity in it right now anyway.

Here is a link to my folder with the excel spread sheet.

https://www.dropbox.com/s/nk2s5uxrlq4qnce/spring%20valley%204plex.xlsx