Purchasing & Renting Out for Extra Income

T

thesharpone

I am looking for one or two bedroom condos in the range of 100K to purchase and rent out for around $600

Does anyone happen to know good areas (cities, towns) with condos at that price?
 
Quote from jcmonger:

I have 2 condos for sale in Houston. $40m ea. rents are in the $600-$650 range.
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you mean $40K each, right? that's pretty nice then, i have condos purchased at $300K and they don't rent for more than 1200$/m

i don't get it, why don't the renters just put down 5000$ and get a $35K mortgage, even at 12% that's only $350/m
 
Quote from thesharpone:

you mean $40K each, right? that's pretty nice then, i have condos purchased at $300K and they don't rent for more than 1200$/m

i don't get it, why don't the renters just put down 5000$ and get a $35K mortgage, even at 12% that's only $350/m
More...

My guess is that where these are located you'd have to bellycrawl up to the front door.:p

OldTrader

PS. If you are successful at find a property for $100K that rents for $600, there's no way you will see any income. Pencil it out. Include things like repairs, advertising, legal fees, paint and carpet, and home owners association fees. Don't forget taxes and insurance (if the association doesn't pay it).
 
$40,000 is right. "K"..."M” guess I've written too many buy and sell tickets over the years.
The neighborhood is not pristine. The complex is a little rough around the edges, but I would live there if I were in Houston. Both the neighborhood and the complex are improving. Allot of new construction in the area. I would keep them myself but that was not my original intention. It was suppose to be a quick fix and flip... The units are complete rehabs all work is done. One needs a fridge and the other needs a fridge and a washer and dryer and that is it.
 
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