Originally posted by: SurferMic
quick list (sorry line spacing does not work for me) first you will need 3.5% of total cost as down payment cash or roll it into the loan. 2) Mortgage 3) Liability Insurance/General home insurance 3)Windstorm Insurance 4) 1 Million Umbrella Policy insurance to CYA 5) HOA fees (if any) 6) Landscaping fee 7) Property Management fees 8) Short Term Maint. (appliances, etc.) 9) Long Term Main (AC, roof, lost rent on turnovers) 10) LLC fees to the state 11)PO Box Fees 12) Pest Control fees 13) Eviction reserves (if needed Evictions cost $300.00) If you can buy a home and pay all of the above from the rent collected AND still have $ left over WIN...Good Luck! Next up how to leverage one property to purchase another...
Yeah I am looking for minimum around $300 net monthly income per door. I use 10% for management, short and long term I am conservative and pair together for 10%, no LLC or PO box fees or pest control as of yet. Insurances yes.
how are you doing 3.5% of total cost as down payment?
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10/29/2019 11:04 AM
