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?Can I just buy a condo to rent it out? Would it cover Mortgage?
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.comCan I just buy a condo to rent it out? Would it cover Mortgage?
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 %26amp; 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)