First investment duplex stories!
So I just purchase my first property, it is a house and a 1/2 duplex, here are the stats, insurance 660/year, taxes 1730/year total rents currently at 775 per month (350 and 425). The purchase price was 30000 with 4.75% for 15 years, 20% down conventional lending. The major repairs are a roof 3000$ and a small retaining wall I'd like to replace for an cosmetics.
Well, inherited tenants may get me quick. The one unit has 3guys, 1girl, and two kids living in it..... It's a two bedroom apartment. I just discovered that one guy was previously arrested in Illinois (Mt. Vernon) for possession, distribution, and production of crystal meth, he has 2 burglaries and two grand thefts on his record also..... I have been in the apartment 3 times this week and will continue to do walk throughs often and I am currently running a check through the local sheriff. To me I looks like there is a 40750$ bond on him..... Is this a good deal gone bad too fast or is there a reward?
The other tenant has been there for 6+ years, a single woman and her child. I'm really hoping my other tenants don't scare her away before the situation gets too far.
I contacted the previous owner and her comment was "she wanted a winter tenant"
Entertain me with some comments! Thanks all!