Can I just buy a condo to rent it out? Would it cover Mortgage?

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There is a condo for sale for $ 169,000. I have 40K in equity saved. I currently have an under the table job. So, my job can not pay for it.

I was wondering if I could just pay 40K up front. Get a Bank Loan. And then Rent the Apartment to someone for say 1100 a month. Would that pay for the mortgage? Is this possible?

Any and all information would be helpful. How much in mortgage am I looking at?

2 Comments
  1. Reply
    Lakers fan
    May 15, 2011 at 12:10 am

    It is possible to have “cash flow” when investing in a property. Make sure you consult with a Loan Officer first and then a Licensed Realtor. They will give you all the numbers and let you know if it would work for you. Here is a site where you can find loan officers in your area as well as Realtors.
    http://www.activerain.com

  2. Reply
    peilthetraveler
    May 15, 2011 at 12:23 am

    you have to find out how much association fees are with that condo. Those things can sometimes break you. I wouldnt buy a condo just now. With 40k you can get much better investments without the headache. There is a stock right now called HTE. (its a candian oil & gas trust) with 40k you could buy that stock, get a monthly income of 545 dollars per month, and you sure couldnt get that kind of income with that condo, not to mention you gotta fix toilets if you buy a condo. Anyway, there are about a dozen other “canroys” (what they are nicknamed) out there that you could research, all of which pay high monthly dividends secured by all that oil up in canada, but i just think HTE is the best (i own it myself)

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