Updated almost 5 years ago on . Most recent reply
First Time Investor- Duplex
The property is listed at 189,000. My realtor thinks I can get it for 180k and have them pay closing costs. I'd be doing an FHA loan. The rent right now is $850/e. Both tenants are month to month. One is good on payments, one is delinquent. I would keep the one in good standing and move into the other unit. I would sign the one tenant for a year lease at her current rate, and then after that year, bring the price up. The average rent in that area for a 2-1 is $900-$1100. It isn't in the greatest neighborhood. The insides are very nice, the outside could use some work, but I'm a handy man, so that's not an issue. There's not crime, just all older homes. Eventually, I would move out and rent both sides.
Really just looking for some input, advice, etc.