How plausible is this?
Basically I've come across a really unique property on MLS that is a duplex and SFH on one lot.
- Duplex units 2/1, 800sq, basement with W/d - Renting for $1,100 Each
-House 2/1 1200, basement with W/d - Renting for $1,200
- Rents are below market and could be raised to $1,350 for each duplex unit (I would occupy house, eliminating my current $1,500/mo rent payment)
-Property is listed for $450k
-Duplex alone would value at $260-280
-House would value $250-270
- Mortgage with 3% down works out to apx $2,500/ month
-With rent increases to $1,350 netting $200 rough (without adding in expenses, repairs, vacancy ect) in addition to my living rent free. (Would pocket my $1,500 previously paying for contingency expenses above)
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This is the dream set up I've been looking for (multi family with separate dwelling)
It's also .5 miles from my job , and .5 miles from my roommates job.
It's about $150k more than I was even considering, but allows two rental incomes, as well as my dwelling.
....
Now- I don't have the 3% down.
I'm trying to figure out if there is any type of creative way to make this work.
-Washington does have a WSHFC down payment assistance program I'd qualify for....I'm not sure how quickly that whole thing would take. But it would give me the $10k needed for down payment.
-Is this something a hard money lender would consider? a $10k loan at 12% paid back over 12 months type of thing.
-Is there ever an enticing way to owner finance or get them to work with you without a down payment? (I know they can't give you the payment per fha)
If it's the world's worst idea, Please feel free to tell me this as well. :)
