Updated almost 10 years ago on . Most recent reply
Considering a property...Is the price right...WI
I found a 2 unit that does need a little work but has solid basics and solid tenants. The housing market in my area is over inflated in price by about 15K or so making the house a little more than what I would normally spend for it. The monthly expenses on the house would be about $925 and it rents for $1360 generating about $425 a month.
I make a good living so I don't need any of the money so it could be used to save for the next house or upgrades. I'm looking at keeping it long term as a rental and another form of retirement safety net. My realtor and father felt the price was a bit high (which it is) but you rarely see a duplex going at an affordable price in this condition in my area. It will be my first unit so I'm inclined to buy it since they don't come up often and there is profitability in it. Foolish or jump in and start looking for the next house?