New guy with a fish on the line...
Hey Biggerpockets folks,
My name is Will. I am a new investor in Akron, Ohio. With a potential investment opportunity on the line and I want to make sure I handle this the right way.
Background: I am not new to real estate exactly...I am a notary closing agent, I am a home inspector, and I work for a large commercial CM.
Situation: Attempting to House Hack (see im down with the people/lingo) in Stow, Ohio. The property is a side by side duplex, price is $159,000, 4% interest rate, owner financing/land contract, no money down (yeah I know). One unit rents for $850 the other for $780, one of the tenants may move out in January, which is when my family and I will move in. After mortgage, insurance, taxes im looking at $1543.
I want to do this deal but I am currently working my way out of some financial difficulties and rebuilding credit. How can I get this property and safe guard myself from huge detrimental repairs? Property is in good shape, good neighborhood...the rent is actually below market value. According to relator.com, zillow...duplexes with 3+bedrooms with the square footage this property has is around $1100/mo per unit.
Let me know what you guys think.
Will