Analyzing first two deals, opinions?

[Gabe G.]

New to the rental business.

1st deal August 2013.

2 bed room/1 bath, all brick.

Purchased for 57,500. All in at $63500(excluding closing costs)

Apprasied $84500. Rent $850 a month. Using 50 percent rule(hope to beat that by self managing and low tax state) 850/2= $425 in expense P/I=$211 net cash flow $214 a month

2nd deal January 2014

3 bedroom/ 2 bath all brick

Purchase $82000 All in $86000(excluding closing costs)

Appraised- hasn't appraised yet, but a conservative number is $110000

Rented $1000 a month(a little low but got the place rented within 2 days)

50 percent rule 1000/2 = $500 P/I= $350 Net Cash flow $150 per month

Any input?

Thanks

[Gabe G.]

In all honesty I don't plan to quit my job.

My plan is to accumulate 10 cash flowing properties. As a supplement to my normal income and a buffer if I lose my job.

I believe I can handle managing that many(may be wrong)

At what point do you think self management becomes tough, if you are trying to work a normal 40 hr a week job?