I need to know if this is a good deal

[Brendan Flannery]

I am finally ready to buy my first rental property.  I just need to know what everyone thinks.  The house I am looking at is 125K, but needs paint, carpet, AC, and foundation.  The total for repairs is 11K.  I can get a loan for 136k with 15% down @ 6%.  After repairs the property would appraise for $160k and I would rent for $1400.  I just need some advice, and motivation to do this deal if it is a good one.

Thanks

[Nathan Platter]

Hi Brendan,

I used to work for a Turnkey company and ran these kinds of calculations all day long. If you send me a Connection request, I'll send you my Calculator. I'll do the same for anyone who does the same, too.

After running your numbers through, they look quite good; 7.7% ROI if you went all cash, 9.9% ROI if get a loan, and a 21% ROI if you refinance after hitting the $160k ROI. That is one good looking deal.

My friend, it's time to pull the trigger. Your patience has paid off. This one is a winner.

Share the before/after pics so we can celebrate your success!