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Are there any tips/pitfalls buying a $40,000 home as income property in Vallejo?

I'm a first time home buyer with $40,000 in savings and want to use it as income property. 
  • December 17 2011 - Vallejo
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Answers (1)

Don't break the bank. Is the rental return worth the investment? If you put $40k out and get a return of $1000 a month - any costs you have to pay insurance, sewer, maintenance, etc . It would take at least 6 years before you see your initial investment.  Try to find  a multifamily for a good price. A single family at that price is really a risk. I see one @ 3020 Georgia 4bd 2 bth priced @ $19000.  This may be a good one to section 8. Evaluate the repairs and make your offer accordingly.
I also see a lot of mobile homes, if these are common, there are a few in the <$12000 range. Look into those and evaluate the repairs and the rental return.   Email me if you have any questions.
  • December 19 2011
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