What is your experience as an investor, what are the real cost?

[Andres Lucero]

Hello,
My name is Andy I’m 28. My goal is to hold and rent out 

I am having a hard time finding a mentor or anyone who flips, holds investment properties etc. It seems to be a very niche group. I moved to NYC from SF to be closer to properties that are attainable right now and hopefully meet a bigger group of an investor network.

Is anyone able to tell me if this an accurate analysis?

I’ve been looking at Cleveland, oh, Rochester and Syracuse NY.

Homes can be found for under 30k. 
I have liquid asset of 50k to invest. 

I was working with a hard money lender charging 10 percent not going toward principal ( my only option right now ) and fees 

If I buy an investment that is 20k that needs 60k  of work valued around 80k after repairs and rentals being $1200 - $1400 it seems, does this work out? 

Refinance the property in 6 months take the loss of interest only which is about $3000.

Losses -

Interest only $3000

Fees - $6500
refinance fees - $5000 ? 
Loan amount $60,000 for rehab 

Starting money 

20k for down payment 
-$38,000 

- 20k

Losses  total 

- $18,000

———-

Mortgage being $300 (goal 

Property tax 

$291

And home insurance $100

———- 

Monthly cost 

$700
——— 

Profit per month 

- I would say $600

theoretically not accounting for tenant issues 

after this time in 3 years from purchase you will be making a profit of $600 a month because the mortgage, property taxes  is $700 and estimated rent is $1300. 

I’ve been told never to pay off the house but if the house pays itself off in 11 years, you will be making a profit of about 1k a month after taxes. 

Is this accurate after doing the math on here? Maybe have to look at another area different strategies. I want to make a move on buying  or I will never.