Help on Rental Property

Congratulations for taking action and looking into this potential deal. You want to make sure the $75k is a good (fair) price for the duplex. Get comps of other buildings that may have sold in the area during the past 6 months to 1 year.

Then based on the rents you want to make sure tha the property would produce a positive cash flow each month. This means that your rents would cover all the bills such as your loan payment, insurance, taxes, utilities, repairs, mananagment fee, etc. If you have money left over after you pay all the monthly bills this would be positive cash flow. I hope this helps. Good luck on this potential deal and with real estate investing. Believe and Achieve! :)- Joe

how or where do you get comps from? And do they cost much? I am new to this and am looking forward to my first deal and would appreciate the info.

Thanks in advance for the info.
Remember, millionares are made not born

You can contact a real estate agent to work with and they can provide comps for free. A real estate agent has access to the MLS system that lists properties currntly for sale and propeties that have already sold. Whenever you contact a real estate agent to view a proeprty for sael, you can also request "comps" of what has sold in the same area. Real Estate Agents are usually more than happy to do this, because it just takes a few minuets to run teh report. Thus, they can provide a list of similar properties that may have sold in the last year with in the same area. Some times if the market is changing quickly you may only want to consider the past 6 months to try to determine the fair market values of properties. I hope this helps. Good luck with real estate investing. Believe and Achieve! - Joe

I commend you Joe for taking action and making offers. This is the beginnng and you are on the right path.

Thank you for the information. I know I can ue all the information I can get