How to Structure this Deal
I'm just getting started in Real Estate so have much to learn! Currently have an investment duplex and condo that, in my opinion, are doing well. Recently found a duplex I really like and was hoping to get some feedback to keep me in the right direction
House Price: $125k
Annual Taxes: $2700
Total Rent: $1455
Tenants pay all utilities except water ($1200 a year).
Place is in immaculate shape - unlikely repairs are needed any time soon.
Does this seem like a decent buy? Probably can have him drop the price to 115-120k. Seller is also willing to finance. He wants 20-25% down but is looking at me for the terms, but I have NO idea what to propose as this is new to me. I think I would prefer Seller Financing so I can utilize my bank for another property in the near future.
Oh - Seller has a mortgage on the property for about $60k currently.