All Forum Posts by: Trang Nguyen

@Gautam Venkatesan

$300/mo cover HOA/condo mantainace fee (anything outside of the condo), and all utilities

I'm trying to go for FHA so I just have to put down 3.5%.

The tax is $1,100

Hi everyone,

This is a condo near Texas Medical Center, which is a great rental area medical student and Rice University student.

It is 1 bed and 1 bath, 744 sq ft, already has a tenant in it right now. It rents for $800/month right now, but tenant is okay to pay $850 in April. The maintaince fee is about $300-350/month, this include all utilities. There is no need to repair anything in there right now. The market value is $70,000. The owner is asking $65,000. He said that he still owns about $30,000. The owner needs to sell because he needs the cash to invest into something else.

I want to keep this as a rental if I can get. I'm planning to go to a credit union to finance this deal because I have the credit to do it.

I need some advice on how to structure this deal so that the owner doesn't feel like I'm taking advantage of him. My concern is maybe it is not enough cash flow in this deal.

Thanks in advance!!

Trang

Thank you everybody for the info!

Hello to all BP members!

I'm a single mom, looking to earn extra income to support my two growing kids and pay back to my parents who left everything they got back home to come to America for me to have "the American Dream" life. I'm hoping that by learning to invest in real estate, I can earn long term wealth as well.
I'm a newbie investor from Houston, Texas. I'm looking to learn more about real estate investing and networking with other investors. I'm open to any suggestions on how am I suppose to start when I don't have a lot of money to invest at this point.