We did it! Thank you Bigger Pockets! Me and my wife successfully bought our first duplex while both working and going to school. When we first bought the place with an FHA loan our inherited tenants were paying 640 a month. First month they wanted to pay late, second month they informed us they were moving out in a week. Needless to say we learned some great lessons right up front! So after ditching them we finished a remodel on one unit and just signed a lease with new tenants for 850 a month! Caught the bug and loving it! Thank you for all the shared experience on this awesome community!
Congrats Ty for your success in deplexs!
Go Ty go!! Love it!
Congrats! You are living my dream! Care to share some of the specific numbers on that deal? Thanks!
I'm still learning to tag and what not in forums but yes Colin, we bought it for 140,000, have put around 5,000 into remodel and a lot of sweat equity! Looks brand new inside and the units are huge. It's 3300 sq ft total so we had great room for adding value. Our mortgage is 625 and after pmi, taxes, insurance total costs are 930. I'm pulling 12% for vacant and cap ex. So far 10% vacancy is what we are looking at even with remodeling. After our year is up and we rent both sides out we will be pulling close to 700 a month from it to put towards our next.
congrats.. Great work.
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