To buy or not to buy?!

[Stephanie Wells]

My husband and I have been on the hunt for a multi-family to move into so we can put 3.5-5% down and rent out our current spot to start making some passive income. The current duplex we live in will hopefully net us $1300-1400 in cash flow once we move out. With the market being so high we are having a hard time finding a multi-family with decent cash flow. Should we settle on a duplex that will likely only yield $300-500 cash flow per month? We would need to update one side, so I’m thinking the total cost for the property would be about $350K. It is wood frame and waterfront, which makes me a little nervous in regards to flood insurance and stressing about termites (we are in FL). Should we wait around to see if a better deal on a block home in a non flood zone pops up? Thanks all!

[Theresa Harris]

Buy something that you are comfortable with.  Don't buy something, just to buy something.  Find out what insurance would cost as it will impact your cash flow.