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Updated almost 3 years ago on . Most recent reply

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Chris Wilson
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Chris Wilson
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Chris Wilson
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Real Estate Deal Analysis & Advice

Is this a good deal?

Chris Wilson
Posted

I have an option to buy a home that is 205k and can rent for $1,600, but could possibly sell for 235k-245k. I want to make this a rental property. However, it does not meet the 1% rule, and the only way to make the numbers work is with a 20-30% down with a 30 year conventional loan. Is this a deal worth it?

Chris

San Antonio, Texas
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Joe Villeneuve
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  • from Plymouth, MI
  • Member since Jul 7, 2013
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Joe Villeneuve's profile image
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Joe Villeneuve
  • #4 All Forums Contributor
  • from Plymouth, MI
  • Member since Jul 7, 2013
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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
19,407
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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
Replied

The 1% rule should be found only on milk cartons.

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