Yeah, basically anything with a positive cash flow. Usually you can buy multi units for about the same as a large house and they provide more cash flow.
$4K per year is only $333 per month. With 80% financing, two rental dwelling properties should do that fairly easily. If you get a great deal, you may be able to achieve your goal with only one rental property.
If you own the property free and clear, you should be able to exceed your goal.
If you really meant $4K monthly cash flow, then I would think you would need 10 or 11 paying tenants.[ Edited by NewKidInTown3 on Date 11/27/2005 ]
Ah, I read that as 4k monthly cash flow. For only 4k anuall cash flow you would probably need 2-3 rentals unless you have the cash to put a large down payment on 1 or 2 properties.
Hello Personaladvice
Its good to see that we are not the only ones struggling in this NJ market. My wife and i are in Shrewsbury,NJ not to far from you and have been trying to get into the investment world for years now.. but we just can find anything that work, we cant really get into something that isnt making money nor would we want to .. We have pretty much been using only conventional methods of finiding properties,, not too keen on cold calling etc.. Would be great to hook up wiht other interesetes people in the are and see if we can get something going. I figure with enough people a larger deal is possible which could reach your goal easily. We have a few other interested parties 4 -5 people, but i am the one doing most of the leg work! they just pretty much want to hand money.
Do you know of any clubs in the area?
if your interested in maybe working together drop us a line
**Please See My Profile**
Would mixed use work as well?
Yeah, basically anything with a positive cash flow. Usually you can buy multi units for about the same as a large house and they provide more cash flow.
$4K per year is only $333 per month. With 80% financing, two rental dwelling properties should do that fairly easily. If you get a great deal, you may be able to achieve your goal with only one rental property.
If you own the property free and clear, you should be able to exceed your goal.
If you really meant $4K monthly cash flow, then I would think you would need 10 or 11 paying tenants.[ Edited by NewKidInTown3 on Date 11/27/2005 ]
Ah, I read that as 4k monthly cash flow. For only 4k anuall cash flow you would probably need 2-3 rentals unless you have the cash to put a large down payment on 1 or 2 properties.
Looking for $4k per month income. Ideas given are good. Which is the least risk to get to the goal within a year?
Hello Personaladvice
Its good to see that we are not the only ones struggling in this NJ market. My wife and i are in Shrewsbury,NJ not to far from you and have been trying to get into the investment world for years now.. but we just can find anything that work, we cant really get into something that isnt making money nor would we want to .. We have pretty much been using only conventional methods of finiding properties,, not too keen on cold calling etc.. Would be great to hook up wiht other interesetes people in the are and see if we can get something going. I figure with enough people a larger deal is possible which could reach your goal easily. We have a few other interested parties 4 -5 people, but i am the one doing most of the leg work! they just pretty much want to hand money.
Do you know of any clubs in the area?
if your interested in maybe working together drop us a line
**Please See My Profile**
lilmanmason,
Go the the GROUPS button at the top of the page, and see if there are any in your area listed there.