I’m a first-timer, so bear with me if I sound a little clueless – I’m still figuring it all out.Here’s the scoop: I’m looking to purchase a long-term rental property within the $300-350k budget range.

The IRS instructions for forms 1099 are remarkably confusing.

To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.

First step for you is to study investing in income properties.Generally a rental property will have in the range of 4% -50% of rental income going toward expenses to maintain the investment before debt repayment (mortgage). 

Ranges can be fine if they’re in good condition, but inspect them thoroughly.

This puts the current market rents of $885–$925 per unit well within the affordable range, with room for modest increases post-renovation.I’ve also reviewed competing properties in the area; apartments seem to be listed between 975 -1000, and houses are listed between 1300-1900.

Price RangeDefine your financial boundaries based on available capital and borrowing ability:For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.5.

And what is your price range on the purchase price?

It will also allow you to pull out a HELOC in the 90% LTV range since it will be your primary residence.

A general range tends to be 85% to 100% covered.