97guns
Full time employment: Posting here.
you need income to be able to walk from a job, real estate makes a great stream of income. my brother is looking to add another property heres the numbers
single family home for $95K
put down 20K
mortgage of $400/month
prop tax $100/month
insurance $30/month
rent for $950-$1000/mo.
works out to a positive cashflow of $420/mo.
in 4 years give or take he will have gotten his entire 20K investment returned to him and everything from then out is pure gravy do that a few more times and you have a self made retirement plan.
now i know these numbers are location specific, i am lucky enough to have a market that my tenants commute in 60 miles for work in a large metro area with a thriving economy in comparison to other parts of the country. i bought cheaper than the metro area and can rent for less also. with these kind of numbers getting 20K into a property is a no brainer and in my eyes a get rich quick scheme.
single family home for $95K
put down 20K
mortgage of $400/month
prop tax $100/month
insurance $30/month
rent for $950-$1000/mo.
works out to a positive cashflow of $420/mo.
in 4 years give or take he will have gotten his entire 20K investment returned to him and everything from then out is pure gravy do that a few more times and you have a self made retirement plan.
now i know these numbers are location specific, i am lucky enough to have a market that my tenants commute in 60 miles for work in a large metro area with a thriving economy in comparison to other parts of the country. i bought cheaper than the metro area and can rent for less also. with these kind of numbers getting 20K into a property is a no brainer and in my eyes a get rich quick scheme.