Thinking of buying an investment property

[Tyler Morace]

There is a house for sale here in Baton Rouge in a rough part of town, I know the seller has been wanting to sell it for 25,000, but he is in a fix and wants to sell it for 11,000. It's a 1600 square foot home with a decent back yard, and with about 5-7k could be updated into a section 8 property. I've never bought a home to rent out and other than my 6 months with a real estate sales license and some good friends who are contractors I'm pretty limited in experience. After section 8 approval I could get $750 a month. Any thoughts?

[Chris Mason]

If those numbers are even ballpark accurate, you should be writing the offer right now, not posting on BP. :P

People struggle with the "1% rule" and "2% rule," and you just posted >4% numbers. That gives you a LOT of wiggle room for your numbers to be off.