Help me work this one through

[Cassandra Truax]

Hi,

I'm brand new to investing and am learning to work through potential properties.  

I've got a real life property and am taking baby steps...

List price 38,000

2 vacant units that rent for $500 each

gross annual income: 11050

annual operating expenses: 2007.58

Net operating income: 9000

Applying the 2% rule - 1000/38000 = .026

Applying the 50% rule - 1000 x 50% = 500  500 x 12= 6000

Now my next question is regarding loan payments.  My question is what are the options to finance this? Getting a conventional loan for such a loan amount is near impossible?

I can't pay cash.  I could partner with someone who could (this is all talking out loud)

Other options?

Besides asking for documentation of actual income and expenses, what other questions are appropriate?

Thanks in advance from a super newbie.

[William Murrell]

Have you tried running this through the Bigger Pockets Rental calculator?  It does a great job accounting for all of the miscellaneous expenses that come up along the way and really makes you cross your t's and dot your i's.  If you run it and it still makes sense, it probably makes sense in real life.  I personally run a best, worst, and average case scenario in terms of gross income and expenses and then make sure I can stomach all scenarios before I pull the trigger.  I recommend you do the same.  Also, have you tried approaching a community Bank or similar to see if maybe you can finance it?  It's free to ask.