Noob help with possible deal.

[Lane Ewert]

Ok I posted this in another thread- "Ok brand new wannabe investor here. I have a possible deal that if I have worked out correctly will cash flow 2,000 a month. Please let me know if I am doing it right. I want to offer 200k on a property that brings in 4950 in rent. If I use the 2% and 50% rule I am doing ok (if I am understanding them correctly.) It's an older 8 Unit. The only thing I didn't quite understand is how to factor in the loan. I will be putting in 20% 40k on a 30 yr @7%. Is this good? What am I not seeing. Any and all responses are welcome. Thanks " Someone did say its a good deal, and at the end saying "if that's the whole story". So my second part question is what should I be asking to get a bigger picture? Thanks for your reply's

[Jeremy M.]

Im no expert but when the guy saids "if that’s the whole story" I think he maybe referring to the fact that you haven’t listed any expenses, costs of repairs (since you said older 8 units), vacencies or anything of that sort (the negative aspects). Again im not an expert but when i read your post that’s the first thing that came to my mind.