Updated about 9 years ago on . Most recent reply
- Real Estate Broker
- LA & ORANGE COUNTY CA -Multi Family
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need advise on potential purchase
Hello! my fellow BP'rs. So i noticed this listing which is on the other block from my primary residence. They are 2 units on a single lot. Each one contains 2 beds and 1 bath. It is listed for $599k. I am yet to check how much rent is for but I'm assuming it's atleast 1800 a month for each. Also am unsure if it is renter occupied at the moment.
I currently own a single family rental which I have about 140k in equity. My plan is to pull out the 20% needed for this deal out of my sfr.
Depending on the interest rate I qualify for which should be a good one, would this be a good move?
I'm sure I can get 2k a month th for each. With 20% of 600k my mortgage should be around $2600 leaving me with a $1400 cash flow.
Please advise. This is my first multi unit rental. Thank you everyone I look forward your response!