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Updated over 2 years ago,
Duplex Deal 100k Needs Some Work
I recently had a real estate agent bring me a deal on a duplex that is
off market. 2 bed 2 bath brand new hvac, blown in insulation, new
windows, new siding. One side interior not completed other is ready to
go. He does have a lot of materials for the other incomplete side. 100k
they want for it. My lender called me this morning and with 15% down
said it would be a 7.6 interest rate but i would have to pay SO many
points to acquire the loan so closing cost will cost me like 9k. What
would my best option? My credit score was 762 and I'm coming up with
15%. The units are only 1 bed 1 bath, so in the area could only rent
from 550-650 most likely. I have never invested in real estate other than my primary home which is actually less money than what my investment property would be. Just looking for insight or tips if its worth the amount of capital that it will take for me to get this started.