That will pretty much be a wash, but this area is booming, and I want to keep the property for equity buildup/appreciation purposes.Thanks

That will pretty much be a wash, but this area is booming, and I want to keep the property for equity buildup/appreciation purposes.Thanks

Hey @Joshua D.You need closing costs, so add 5% ($25,000)Needs repair costs (unless they're currently rented) add $39,000Unless you're taking over the loan, you'll need a down payment, change 0% to 25% ($125,000)15 year AM is fine, you could also do 30 yearsManagement is typically 8% of gross rents, so pretty goodThe Rent/Price ratio looks too good to be trueMost investors struggle to reach the 1 % rule in B class areas, and this is a 3% rule.

Also you want to decide if you want to invest close to you, or out of state  I pretty sure I'm more interested in buy and hold and while I don't have a lot of knowledge local would be it for now.

Pretty much in every market but you have to look hard to find them.

Figuring all of that out will be personal preference for my situation for sure @Edward B.Right now my Interest is 4.6% on my student loans and I'm being pretty aggressive towards it.

As for terms, it's pretty standard to charge 3 points and 12% interest for new investors, maybe a little less for the more experienced.

I pretty good at legal stuff even though I am not a lawyer (defended myself in federal court once... 

This doesn't really work with my schedule and it being pretty far away. 

A lot of agents will be pretty aggressive in their proforma (projection of what they say a property could make), and the numbers may not be realistic.Lauren