Yes, but the payments on a loan of that size are laughable. $70,000 at today's rates is $375/mo ($4,500 a year) for a 30 year. You could rent it out for a couple of years and pay off the loan free and clear.
Break even is just barely making the payment on the loan. Repaying the loan - a 30 year mortgage - in 3-4 years is not only good, it is astronomically good. Because at the end of three years you have $25K gross/yr, and you own the building. When you own it, you can sell the building and make $75K (or whatever its value then is) in a lump sum.
Ha! I love comments from people who have never been landlords. Key here is even after 3-4 years the building is YOURS. Which means you fix it, you maintain it, and you deal with late/lazy/messy/loud/obnoxious tenants every single day. And when they walk out without paying the rent, how much success do you think you'll have in small claims court recouping your rent? (hint: not much)
Believe me, if it was "that easy" to buy and rent a place ... everyone would be doing it. Do yourself a favor and talk to someone who owns multi-unit buildings first.
Hey, believe me I know its not that easy! I'm no real estate guy but I know you can't repay the loan in 3-4 years. The comment I replied to was deleted, but I was addressing it, which said 'breaking even in 3-4 years is not a good investment,' by saying 'no, paying for the property in 3-4 years would be GREAT.'
