Updated almost 12 years ago on . Most recent reply
Almost got my first deal done!
So I posted before about a duplex I was working on getting. I went and walked through it and everything appears just fine. It needs paint and new windows but I knew this going in. I talked to the seller today and I have to put $5,000 down and then I will pay the rest of the money over 6 years at $334/mth plus taxes and insurance. The total purchase price will be right around 29,000. I have 7,000 saved and figure that I should be able to put in the 9 windows and paint for 2 grand. I wanted to try to get him to take 4K but he wanted 5. Originally he wanted me to put 9K down and pay 22,000 over the next 5 years, so I feel like I did alright with the deal since I am only putting 5 up and paying 24 over 6 years. The one side is rented for $350/mth and I plan on renting the other side for $350-$375/mth as soon as I get it completed. He talked with his attorney to draw up the paperwork and then I am going to have my attorney look over it. Any advice, comments, concerns would be greatly appreciated! Thank you guys for your help, I am very excited!