I am trying to get a duplex that I will live in and rent out. I want to stay under $115,000. I plan to do short term rental but I want the numbers for long term to make sense as a backup plan. I could get a slightly distressed property if there is a deal since I have capital for 5-10k in renovation.
@Fred Ewert , just sent you a private message.
Hi @Fred Ewert , what rent range are you targeting for the side you rent out? I occasionally see off-market deals in the $115k-$135k range, where you could probably get $800-$1,000 per side.
@Ethan Anderson I haven't really looked at it like that. I'll take anything I can get but I don't want to live in a war zone. I currently live out in the country in northern Indiana. So maybe any place in Indy is a war zone compared to that ;) But seriously, I'd try to keep to a location good enough that my Airbnb guests wouldn't feel uneasy.
I'm only looking on the MLS via Redfin. Any hints to see what you are seeing off market?
Also, maybe you were asking about how much cash flow I am looking for. As long as it flows a little I'm ok with that. My situation is time sensitive so I am ok with not getting a home run deal. It just can't be a negative cash flow deal.
@Fred Ewert I am in a similar situation down here in Muncie, IN. I am getting a 203k renovation loan. The hard part is finding the deal. There are major issues that I don't have the experience to handle on the the MLS properties and I don't yet have the contacts to get off market deals. I am think about hunting down a wholesaler or two but I don't know if they'd want to wait through the 203k closing process to get paid.
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