My first deal.
Been a while since I've posted..
I'm 26, needed a place to live in right now and a place to invest in for the future.
Its a duplex in West Seneca, NY. Pretty good area, sort of on the buffalo fringe, but West Seneca insane taxes keep the riff-raff out. (about $2300/year in taxes) after STAR.
Paid $46,900 with some buyer concessions going on there, financed with a SONYMA loan at 5.5% 30 year fixed. Came out of pocket with around 1500 at close, walked away from close with a check for 600.
I've had the house since June, we put about 5000 into the house, doing most of the sweat equity ourselves. Place looks great, we rent the upper for 525 per month, water included.
Mortgage is 608 per month (nearly 50 percent taxes), I live with my girlfriend and we both pay $41.50 per month to live there.
We are considering a move to Arizona VERY soon. Our lower unit is upgraded over the tenant unit and the lower unit has off street parking, and laundry. We think we can get $600 for the lower.
608-525-600== It should Cashflow 517 per month.
I'd be stupid to sell the house, but another exit strategy would be to sell it. The property 3 houses away (not as upgraded as ours) is listed for $89,900..
Comments Please,
Thanks,
Justin