Buying first rental with cash!

[Cece Adderley]

I am a newbie at REI. I would like to buy a property with cash but not sure what to do after that! I am wanting to pay $109,000 for a 3/1 in a decent renters area. The comps in the area for rentals are between 1050 to 1200. The owner is selling as a cash only as-is property. It needs a new roof now but will need new windows in about a year. What should I do?

[Bob Prisco]

@Cece Adderley 1st off, you need to learn the market you seem not to have any idea about it. This is a terrible deal.  Why would you invest 120kish, and get rent of about 1100, makes zero sense. Your net cap will be about 5% why bother ? Connect with those that are experienced and let them handle everything for you . You can buy two SF for about 130kish and get 1k or more each in rent with about 10- 14% net cap, Heck you can buy a duplex in a good area for about , 85- 90k, all in  with 18k gross rent ,, Knowledge and the team around you is vital 

Good Luck