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Kyle Johnson
  • Investor
  • Milwaukee, WI
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Duplex from primary to secondary home

Kyle Johnson
  • Investor
  • Milwaukee, WI
Posted Oct 13 2015, 16:18

I currently own and live in a duplex where the mortgage plus taxes and insurance is $1623, I collect rent of $1050/month in the other unit and have been for over 3 years.  My home is worth in the $265,000 range and has about $195,000 left on the mortgage.  I'm looking to purchase a single family home and keep the duplex. Rents for both units will be approximately $2500/month easily covering the mortgage. I was wondering what I would need for a down payment % wise on a home that is no more than $350K. Current income is about 110K/year and credit is very good. Any help or direction that can be provided by anyone would be greatly appreciated.

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