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08-18-2008, 04:15 PM #1
Renter
- Join Date
- Aug 2008
- Posts
- 1
Deal or no deal?
I was thinking about purchasing a duplex property in Florida, my bid would be 135k and I am thinking I can get 900 for one unit and 1100 for the second. Taxes are at 5k and insurance is probably 1500 or so, is this a good investment property to buy?
Also, can anyone recommend a good mortgage broker in southeast florida that does 80/20 loans? My wife and I make a lot of money but I don't want to get over our heads on our first investment and I'm sure we could cover the mortgage ourselves but that would take up all my free money I have in the bank.
Your wisdom and advice would be appreciated, thanks!
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08-22-2008, 05:04 PM #2
Fixer Upper
- Join Date
- Aug 2008
- Posts
- 15
Well, let's see...
A sale price of $135K and 20% down amortized for 30 years with a 6% interest rate would produce a monthly payment of:
$647.51 per month (without PMI; make sure your loan doesn't contain PMI)
Taxes are $5K per year, therefore, monthly you'd pay:
$416.67 per month
Insurance is around $1500 per year, therefore, monthly you'd pay:
$125.00 per month
So your total monthly payment is:
$1,189.18 per month
Gross Monthly Rental Income is:
$2000 per month
And your Net Income after the monthly payment is:
$810.49
That sounds like a winner to me!
As long as the property is in decent shape and you don't need to make a lot of costly repairs you'll do fine.
If you need to adjust the interest rate, amortization, or down payment you can obtain your new monthly payment amount at tubemyhouse.com/mortgages.phpTubeMyHouse.com - Online Video Real Estate Listings with video. Easily list your properties and upload your video. Absolutely Free!
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