First time investors need help analyzing and deal

[Ramona Beyer]

Hello everyone, 

We have taken a HELOC for buying our first investment property, and I would like to know is this duplex a good deal to buy? Asking price is $32500

Taxes are $3900, both units are 3 bedrooms 1 bath, and are rented for $600/$675, one tenant has been there 6 years, the other 6 months.

First question : is this a good deal?

Second question? Since this house will be pain in full, with HELOC what the best way to pay Heloc/should we refinance it later?

Thank you so much, 

Ramona

[Anthony Geren]

@Ramona Beyer,

I agree with @Dani Beit-Or reply, the numbers make this a good deal, but however you have other due diligence that comes into effect to see if you should buy it (Location, Vacancy, type of tenants, etc) if you like what you diligence finds, then buy it.

Now for your second question, i think determines what your interest rates are for you HELOC, if you would get better rates with a mortgage go with the refinance, also if your able to put some equity in the property you might look into a BRRRR method

Cheers,

Anthony