Buy and Hold Advice for a Newbie

[Portlyn Roberts]

Hey everyone,

My future business partner and I have started researching and planning rental property portfolio. We aren't quite ready to buy because I am finishing up an MBA and we want to have a well thought out plan before jumping in. We are in the STL metro area on the Illinois side.

I've been reading and listening as much as possible and learning a ton. I have also been looking at houses on the MLS but I am really struggling with understanding if it's a good deal under a buy and hold strategy. I think I have a grasp on the recurring costs such as the mortgage, insurance, taxes, water/sewer/trash, ongoing maintenance coat, etc. Where I struggle is initial purchase price and what updates to make. Our initial plan is to put 20% down and finance through a traditional mortgage.

Any advice/tips on assessing the initial deal would be very helpful.

Thanks!

Portlyn