Thoughts on my first deal!
The owner is willing to sell a duplex.
I have attached the recent improvements to it.
You should be able to get a regular loan on this.
It is fully functional with no repairs needed(as far as I know anyway.)
$40k.
It has a tenant in one unit. She has been there 3 years. The bigger unit moved out last month, but he is willing to get you a new tenant. He says it only takes about a week there. Or, he can put in the daughter of the current tenant with her family at a reduced rate and they will probably be there for years.
The bigger unit pays the water bill, so the rent is $650 instead of the $700.00 he used to charge. 4bed 3 bath
He is willing to owner finance with $10k down. Simple interest @8% loan 30K 677 monthly payments 3 years.
Has anyone heard of this kind of loan? And what are your thoughts? This properly will be my first rental!