Updated about 5 years ago on . Most recent reply
Eeek.. what am I doing?
Hello all, I have been reading a lot of your posts for a long time and appreciate all I’ve learned. I’ve been one of those over analyze and not take action people.
Well I've finally created an LLC and am putting an offer on a new construction duplex. The offer is for $295,000 and I can rent each side for $1,500 per month ($3,000 total per month). The tenants pay all utilities. Taxes are approximately $4,500 per year. I plan to manage it myself for at least the first year. I do get relocated for my job every couple years so eventually I'll have to have a property manager take over or I'll have to manage it from states away. This property is in Kansas.
The builder has a couple duplexes left. 1 already has renters lined up, the other does not. I can purchase either one. The builder will let me review (and have my attorney review) the lease contracts for the one that will be rented about the time I purchase it. Both are the same price. Any recommendations on which option to choose?
I am buying without a realtor but am having an attorney review everything. This is my first rental purchase so I’m second guessing everything and looking for any advice! Based on the numbers I’ve provided, does anyone see any red flags? Or have any recommendations?