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Updated about 8 years ago on . Most recent reply

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Korey Hauenstein
  • Aurora, CO
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Noobie, Need advice on deal!

Korey Hauenstein
  • Aurora, CO
Posted
Hi, My name is Korey and I am new to investing. I have done my research and learning and have been waiting to jump in the real estate sector. I finally found a deal that has caught my eye and is a very different kind of deal and would love to hear any advice on the deal! Background story: the deal comes with two properties. It is near a small college. One is a single family home converted into a duplex. On both sides are 2bd 2ba. The other property is an apartment building with 4 doors. Each one is a 2bd 2 ba. I don't know the square foot of each apartment. With that said, so far I haven't contacted anyone, just looking at the numbers I was given and decided to ask for your opinion. Numbers: Asking price:225k Built:1910 Loan: 20% down $175,000 loan 30 yr fixed Estimated mortgage with insurance/taxes: $1,100 Rented: apt A: 650/Month aptB: 650/mo aptC: 600/mo aptD:600/mo AptE:495/mo AptF: 550/mo Total rented: $3,545/mo -landlord pays water,gas,sewer :estimated value:$800 Would use property manager: 7-10% per month: $280 Also, the duplex price value could be around 60-70k sold as is. ARV could be around 100k with 15-20k repairs. I know I am missing numbers, but anything that you think would help a noobie (would be my first property to invest in) would be great. Such as things I need to be careful of? Things I should ask realtor/owner? Should I sell the duplex to pay off debt of loan? Anything would help! Thank you, Korey

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