Buying my first rental.

[Lafi S.]

Hello all,

I've been working on a short sale for a few months now that I just received approval on. I am buying this as my first rental unit b/c I it looks like a great deal. Here are the details...

Property Description:
Condo 1 bedroom 1 bath. 507sqft with 2 levels.

PP: $47,500
Taxes: $1,400/yr
HOA Fees: $220

Rental- $1,100 Section 8

The property is in reasonable condition and the tenant told me she wants to stay because she has been there for two years. Her portion of the check has also shown to be consistent and on time..

So what does everyone think? It looks like a home run at that price and rent. Any and all advice is appreciated!

[Mitch Kronowit]

Until property taxes go away and somebody invents a roof that lasts forever, NOBODY will ever own their home "free and clear". :-)

[Lafi S.]

Anthony,

Closing is in 2 days! So far it's been smooth sailing. My target investment hasn't changed, I will continue to pursue short sales and whenever I run into a property that makes sense to me like this I will buy it for myself...