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Is it possible on my income to get this investment property?
I currently make $12,000 a year ( I know its not alot) but im looking for a second job that would be around 20,000 a year making my total income $32,000 a year. The property cost $55,000 and it is a 2 unit building. One unit rents for $600/month the other $650 a month. Would the bank loan me this money, if not i will prob have a co-signer. and if they do loan would this be a good or bad investment.
heres the link: http://www.realtor.com/realestateandhomes-detail/240-N-10Th-St_Reading_PA_19601_1111850742?source=hp
hey that’s a great start for an investment prop i would do it in a heart beat.that’s 1250 monthly your mortgage insurance and taxes should be around 900-1000 a month that’s 250-350 positive income do the math.
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