Quote:
Originally Posted by Si
Ok question here.
I'm seeing on zillow places with about $500 per month mortage payments. And the rent estimate is $1100 per month.
How accurate is that?
Seems like an easy $600 per month per property if you get good tennants in there.
EDIT: With taxes and management fees it would still be an easy $400/$500 per month per property by the look of it.
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I don't know the LV rental market but if there is that much of a difference between rent and mortgage on a given property, there are most likely a lot of extra perks in the middle. Such as landscaping, utilities, and other extras.
I think you are also undervaluing some of your numbers.
Let's say we are talking about a $100,000 property and the mortgage is $500 a month. Your property taxes are probably somewhere around 1-2% (again, not completely sure about Vegas,) so that is another $100-200 a month. Then you have management fees of 10%, give or take, for another $100 a month. We are now up to $700-800. If it's in a HOA, add a couple more hundred. Throw in insurance, utilities, maintenance...
Money goes quick.
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