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Buying a House (Costs (Mortgage, Taxes, Insurance, Property Management,…
Buying a House
Costs
Mortgage
Taxes
Insurance
Property Management
Repair and Maintenance
Capitol Expenses
Making a Decision
Compare the Rent Value of a house compared to price of house and what is my utilization?
How much could you receive monthly on rent vs how much will monthly expenses be?
Calculate monthly expenses
Mortgage
HOA
Taxes
Insurance
Regardless of the state of the market, you know you will make money from rent
Evaluating a House
Search for Red Zones and Crime Areas. Don't buy anywhere near there.
Loans
Get a 30 year fixed loan
Interest Rates
Interest rates are lower when they are "owner occupied"
Your downpayment affects interest rate. Have at least 20% down
Terms to look up
30 year amertization
Baloon payment
Types of Houses to Buy
Duplexs (or triplexs etc)
Rent one side, live in other
Get a property manager
Insurance
PMI (Property Mortgage insurance)
I think this comes up when you pay less than 20% down
Owning Separate Properties
Each needs own LLC