Ok guys, need some advice about possibly buying a duplex that is for sale.
The duplex is 8k cash or best offer so Im thinking I can get him down to 7k. He has 2 seperate duplexes for sale...Both are pretty much identical. both for 8k OBO
1 unit in duplex is: 2 bedroom, dining room, living room, kitchen, carpeted, full bath, washer and dryer hook-ups, basement, storage area
2nd unit: 3 bedroom, living room, newer kitchen, full bath, washer and dryer hook-up, basemnet, storage area, also has a single garage under back of the house can be rented
So I was thinking of offering him something for them both IF its decent.
No major problems.
Need some light work inside (paint, cosmetic work)
Newer kitchens/bathrooms in both
I havent seen the duplex yet but I am planning on going to look at them this weekend. The duplex is 1hr 15m away from me, but the drive doesn't bother me however I might need to find a handyman or something in the area of the duplex in case of emergencys tennants may have.
Heres the kicker...Both duplexes are rented right now. They are bringing in about $825 in rent amonth each. Think he charges $425 and $400. Obviously I can change my prices but I wouldn't higher them coming in as a new landlord.
This is my first time buying any type of property and I have no intentions of ever living here. I would be doing this as an investment.
What do I need to know, it sounds like a deal to me...I know that it isn't going to be easy being a landlord but at the same time, I would be ready for the challenge. Basically after 10 months of renting, This would be +ev after....?
The reason hes selling is he needs the cash to buy different property he found in a different county.
The duplex is 8k cash or best offer so Im thinking I can get him down to 7k. He has 2 seperate duplexes for sale...Both are pretty much identical. both for 8k OBO
1 unit in duplex is: 2 bedroom, dining room, living room, kitchen, carpeted, full bath, washer and dryer hook-ups, basement, storage area
2nd unit: 3 bedroom, living room, newer kitchen, full bath, washer and dryer hook-up, basemnet, storage area, also has a single garage under back of the house can be rented
So I was thinking of offering him something for them both IF its decent.
No major problems.
Need some light work inside (paint, cosmetic work)
Newer kitchens/bathrooms in both
I havent seen the duplex yet but I am planning on going to look at them this weekend. The duplex is 1hr 15m away from me, but the drive doesn't bother me however I might need to find a handyman or something in the area of the duplex in case of emergencys tennants may have.
Heres the kicker...Both duplexes are rented right now. They are bringing in about $825 in rent amonth each. Think he charges $425 and $400. Obviously I can change my prices but I wouldn't higher them coming in as a new landlord.
This is my first time buying any type of property and I have no intentions of ever living here. I would be doing this as an investment.
What do I need to know, it sounds like a deal to me...I know that it isn't going to be easy being a landlord but at the same time, I would be ready for the challenge. Basically after 10 months of renting, This would be +ev after....?
The reason hes selling is he needs the cash to buy different property he found in a different county.