All Forum Posts by: Leah Roberts

@Kevin S. 

@Brock Carroll

Thanks guys for your insight... here is an update on the situation... The seller has it listed for $139,000. However talking with a realtor from the town and looking at rentometer and craigslist it seems as though the rent at $650/unit is below the average of $850/unit in the area. The tenants in the building are on a month to month lease and have been loyal long term renters. As you can imagine then the units themselves have not been updated but are still comparable to ones in the surrounding area. In your opinion, is it smart to come in with a pretty significant increase? I am concerned with filling a vacancy right out of the gate as we head into the winter months here in Michigan or should the time of the year not be of concern? I am eager to get my first deal under my belt but as you said don't force it. If I offer $120,000, increase rent to $800 and put in a management expense in at 9%... I am still looking at a COC return of only 7.45% and a CF of $218.... Am I forcing the deal?

Hi Biggerpockets community,

I am interested in this duplex.... this would be my FIRST deal... Any thoughts and/or advice would be so helpful!

Thankful,

Leah

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I am looking for some advice..... I am getting ready to purchase our first investment property (duplex) and working with the lending institution, I learned from them I have to have 25% down in order to purchase due to Fannie Mae. Is this true? I have read that people put down as little as 10% down.