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Updated about 13 years ago,
Math on potential deal
I have found a home that I would like to buy as a 2nd home/Rental. I know this probably sounds insane, but I cannot get a loan.
Purchase price 60k cash.
Montly income 8400.00 annually
annual insurance 495.00
annual tax 1015.00 per 2011 year
leaves me with 6890 NOI before R&R
ROI 11.4%
Home is out of state and would use as a potential vacation home in between tenants.
How crazy is this?