First Property Money Drainers

[Nikko Wheeler]

I’ve been looking for my first property and I think I finally found a great deal to get into real estate investing, but the deal seems almost too good to be true. So I’m wondering if there’s something wrong with the property that might take all my money should I go through with it.

Right now I’m looking at a $40,000 condo, 2 bed 2 bath, at $1,119 square feet. $36/square feet. The pictures look like the place is taken care of well.

What I’m concerned about is that a week after it was listed the price dropped from $80,000 to $40,000. Some neighboring condos are selling at $80K - $90K with the same square footage, bed and bath, and renting at $1K a month.

So this property seems like a good deal that I could benefit from almost instantly. I’ve only been learning and studying this stuff for 3 months now, so I ’m wondering what potential problems might be able to be hidden if I don’t ask the right questions or get the right information. Any help would be greatly appreciated!