Hi All,
I've been reading a lot in the last few months, trying to consider if we want to get into the rental / landlord business.
A friend of mine is a real estate agent and has called about a short sale home coming on the market. We'd talked about wanting to look at things and this popped up.
I've seen the calculators - so I'll work on that too .. but to me I don't see this as a good deal ?
-The price is expected to be about $240k.
-It needs about 10-15K for some repairs/ get ready work
-The Comps are about $258 in the area
-Rent about $2K
-Taxes and insurance about 750/month
We plan to take a loan for this (likely) so there will be closing costs also ...
To me this seems to add up to just buying a house that has been on the market for awhile and paying about fair market value. I don't see a "deal" here, or a good investment ?
I should add, it is in a good neighborhood, this price point of home stays on the market for less than a week and gets multiple offers....and this is in Austin (as the other thread discusses).
Any thoughts or guidance would be well appreciated !