Hi All,
I'm new here and wanted to get some insight on some ideas of what to invest in and estimated total costs. So my brother and I bought a house in 2012, in the east bay area california, and we doubled the value and we are in the process of refinancing to be bought out. I should have right around $150k to invest.
I'm currently looking at a 4-plex unit next to the college campus i used to go to, the current listing is at $395k down from $410, the original listing price. Back in 2013 it sold for $306k, so I have a couple of questions. I've been pre-approved so the loan shouldn't be an issue.
1. How much are the expenses if i cover water and garbage for the units? is it about $150 a unit?
2. I would like to hire a property management company to at least be used for the first year, are all management companies similar in the service they provide and fees?
3. There are also houses on the market that have 4-5 bedrooms that might offer a similar monthly rent, would these be better options?
4. Is there a site that shows rental history for the unit or neighboring complexes?
Any other knowledge sharing would be great too.
Thanks,
Jeff
