How To Get Started In Real Estate Investment
I am in college student looking to invest in Real Estate?
I am starting my fifth year majoring in Accounting. I own my own food vending business that I operate from April-Oct. I purchased a single family house this past year with a friend/partner. Long story short, partnerships never work out that great and neither did mine. I recently inherited some money and thought that I would put it into a money market until a I could do some Real Estate Investing. I recently found a multi unit building for sale that has all units being rented out. I feel that I have the cash to put down but don’t know or even think I could get a mortgage to back this investment. I have run the numbers and every month with the current asking price, before being talked down and this does include taxes and insurance, I would still net 500 a month. I feel that this property should speak for its self on being financed. How do you finance something like this? Can it be done?
Thanks,
I am sure you already know that you can’t obtain a loan unless you can prove you have 2 years rental experience.
Cash flow of 500 a month is not very good anyway. One little problem and that will go out the door, even a vacency would put you under. Always run numbers at 90% occupancy, never 100. This actually sounds like an awful investment.
As far as speaking for itself it is saying, “Run away!!”
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