This 2 Unit duplex might be my first deal!
Hey guys, I am new to this website and to REI in general but I have always had a desire to get involved and I have made the decision to get started and take massive action. Ive been listening non stop to the BP podcasts and I read Brandon's book twice this week. What a wealth of information. It has inspired me to get started and make my first move by acquiring a rental property. At the moment I don't have a large amount of cash to put down on a property yet. I have decided to really focus on finding "owners will finance deals" to get started building some positivity cash flow.
However, I just recently came across a 2 unit duplex has just become available on my street and I am very interested in obtaining it! The asking price is $21000. I believe that I can rent it out for about $650/M It is a bank owned HUD property and it does need some work done to it! But I think that it has great potential. I had a realtor friend of mine let me in to have a look at it yesterday. It needs quite a bit of painting done on the inside as well as some plumbing work, a new counter top in the kitchen. The water heater will prob need to be replaced too. Over all the property looks like a money maker. I am willing to do most of the painting work myself to save costs on hiring out!
If any of you guys have any advise on direction that I should take or next steps, I would really appreciate the insight.
Thanks for reading my post. first one by the way!