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