This Rookie needs confidence

[Lorie Mizell]

I have found my first property. It is a Fannie Mae Home Path Renovation. I am going to make an offer of 50K with 10K renovations (to make it pretty.) This is what the contractor said it should take. The renovations must be included in the mortgage. Home inspection to follow, however them home seems to be in good shape. New roof in 2002. Break down....

Loan Amt 45k (30 yrs)

Down Payment 15K (I will have to use a HELOC)

Mortgage $256 a month

Taxes and Insurance $200 a month

Payment on HELOC $200 a month

Property Management 10% of rent

This house should rent from $950-$1000

The homes in the area are selling for 100K +

I do have 10K in money markets if I needed for expenses, ie, loss of rent, repairs, ect.

ANY thoughts, Ideas, help, or just a vote of confidence to help me get into the buy and hold game. Looking for passive income so that I may retire :)

Thanks Lorie