In your free time. If houses are selling for 220 per square foot. and mortgages cost about 600 dollars per 100,000 per month for 6% mortgage. how do I compute a ratio that will tell me how much a month I will fall short if rents are a dollar a month per square foot. Thanks for the help.
You're making things overly complicated. Houses don't rent by the sq foot! It's more a matter of how many bedrooms a house has. Unless of course you're renting some 10000 sq ft mansion, or something. Also, don't buy 4 bdrms to rent out, you'll regret it. Stick with 3bd-2ba-2car. If you *have* a 4 bdrm, advertise it as a 3 bdrm, unless you're looking for sec. 8 HUD money.
I appreciate the advice. But I really would like that ratio. Ideally I would just plug in the number per square foot. And in my area houses do roughly rent out on that per square foot number.