Hello all i am a new investor and have an opertunity that i must act on reasonably quick, i am in a position to buy a property, for a low cost that a should not have any problems renting out, the property will actualy service its own loan, which i see as a great thing. the property is in a small town of 3000 people and will sell for around 60k with the weekly rent being about $110 per week.
While its not the greatest money spinner i feel that something that pays for its self is a terrific thing.
i just wanted advice on things i should look out for or be aware of or should i not rush into it and wait for a diffrent opertunity.
my thanks in advance
Tim
hi if you no alot about the town your looking at buying in or you live in the town its probaly not a bad idea but if you don't no much about the town you might find the house will sit vacant quite alot as 3000 people is not many unless theres a shortage of rental houses and it will probaly be hard to sell later but it all comes down to if you buy it right and at the end of the day $60k is not much
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