First investment deal please help analyzing

[Sastry Konduri]

Hi,

I am looking to invest in my first property in Columbus Oh. It is a condo in an A class neighborhood. Very close to shopping and a few companies.

Asking price- 214K(I am thinking of offering 205k)

Monthly rent- 1800 to 2000

HOA- 175

Year built- 2011.

Property taxes- 4000

I want to put in 20% down and 30 year fixed loan.

I am seeing a positive cash flow according to the rental property calc. Since I am just getting my hands into the RE investment and also this property will be Out of state, I want to be safe and invest in class A neighborhood. Please let me know your thoughts on the property.

Thanks,

Sastry.

[Peter Vekselman]

@Sastry Konduri nothing about this deal looks good to me.

Your first deal should not be out of state.  Best way to have a bad experience in this business is to start out investing remotely.  I can give you tons of reasons why, but just trust me on this one.

Cash flow is not that great at all.  You can get this type of deal all over the US without having to look very hard.

I know the Columbus market pretty well.  You can get way better returns there.

Remember, class A does not mean headache free and easy.

I can on and on, but I don't like this deal for your current situation.

If I can help further just PM me....

Peter