>First time investment property >Beautiful little cape,

some guy who runs property management said that the investment prop should be able to get 1% of what you paid for it per month to be considered sound. So If you can get a condo for 200K you need to rent it for 2k per month for it to be sound financially. Hence you need to find either a killer deal or get apartment building / duplex / house to multiple renters to make that, in my opinion. I doubt most renters will pay $3,000 a month plus their own utilities for a property worth $300K. I do think renters would pay $500 a month for a room in a $200K house with 3 other roomates... equaling 2K per month thus meeting that "rule"

I've been thinking of buying a cheap fixer 3 bedroom place and converting the garage into a studio with it's own door and parking space. Then rent to a family for 1800 and a single person for 900 meaning I can spend up to 270K on the place.

I'd talk to realtors / property managers etc and check rental listings before I buy of course. Based on the prop manager Bro who posted earlier last month I'd look for a prop manager if I can swing it, based on their experience filling the place with renters and evicting people w/ their own lawyer if needed.

>>1517722
No. I live in exactly your shitty property and bought one next door just as shit. Bonus points for 0 bullshit ordinances and plentiful tweeker labor for like 10 bucks an hour cash. Due diligence man. Need get u a checklist and check all this shit before u buy. If u sell now without holding it 1 year and one day prepare to eat 30% taxes. Make a cuckshed out of it and rent to tweakers or try and shill it rent to own or something under the table. Or bulldoze it. Good luck op. Sounds like u learned some lessons.

Dont give up.

If being a landlord was as easy as kneepads everyone would be doing it.

>>1517851
I didnt buy, contingent on inspection.

Buying sight on seen is for retards

>>1517887
>Buying sight on seen is for retards
^^^


Besides that, you will be able to know what to look for after doing this for a while. You are just very green. I'm no inspector but I can eyeball a house pretty easy and know whether its worth making livable or not. Also, remember, not everything needs to be fixed. Even if pipes are old, they still might be passable. You just want to squeeze money out of the place, not make it a complete refurb.

>>1517901
what the fuck are you guys even talking about?

Are you getting a loan or buying cash?

What is your price range and where are you looking to buy at?

>>1517905
>what the fuck are you guys even talking about?
I was poking fun at the guy posting because the phrase is "sight unseen" not "site on scene".
>Are you getting a loan or buying cash?
Cash because I'm small and dealing with very cheap properties.
>What is your price range and where are you looking to buy at?
My local market is pretty rough, so there are lots of opportunities to get into the market in the $20-35,000 range. I'd expect it to rent out for $5-700/ month in this market.