We bought our first duplex, thanks biggerpockets!
Hey biggerpockets community!
It's a done deal we have closed on our first duplex and first investment property. We are very excited and a little (or a lot) nervous at the same time.
We bought our duplex for roughly $80k. It's a 1/1 and 2/1.
Rents:
Targeting $650 for one bedroom and $750 for two bedroom
Utilities:
Heat and Electric - Tenant pays
Water - Will work on RUBS
Renovation/Updates:
Kitchen - update cabinets with something clean and simple. Buy range and fridge.
Bathroom - update one vanity and redo tile
Outside - basic landscaping, some trees need to be dealt with but that's not an emergency.
There is also a large detached garage on the property. We were thinking of offering the tenants one spot per unit. The garage bays are not separated. I don't see an issue with that, is there something I am not thinking off?
PS Thanks to Biggerpockets for guiding us and helping us make it to our first deal!
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Congrats!
The snowball starts with 1 snowflake. =)
Compound interest...woo hoo!!