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Updated over 6 years ago,

User Stats

7
Posts
1
Votes
Jose Trevino
1
Votes |
7
Posts

Just starting out and going to see a potential deal tomorrow

Jose Trevino
Posted

Hi everyone, this is my first post besides my introduction so please forgive me if I leave out any pertinent info. The plan is to invest full time eventually so hopefully my posts will get better as I move along on my journey. Now on to the post, I came across what appears to be a good deal, it's a packaged deal of six duplexes (owner will only sell as a package) that is being offered at $145,000. Four of the duplexes (8 units) are rented out at an average of $450 per month (FYI, all info I'm giving is per agent and has not been verified as of yet) and the other two duplexes (4 units) are completely gutted and need all work done on interior. I have no idea what the cost would be to renovate those four units but I'm going to take a look at them tomorrow, so I should have a better idea then. Also, according to the agent, the tenants that are in place now are all long term with some having been there 20+ years, and the reason for the sale is the elderly couple who owns them no longer wants to deal with them. Since I'm just starting out I want to make sure that I  am looking at everything that I need to and making smart decisions. I have roughly 30% to put down and still need to secure financing if I end up moving forward so I was wanting to get some suggestions on where a good place to look for financing would be and also any other advice that you think might help. Like I said earlier, I'm meeting with the agent tomorrow so if there are any questions that I should/need to be asking, please feel free to reply here or DM me. Oh, and almost forgot, all of the units are within a couple blocks of each other, not sure if that makes a difference, but I'm still trying to decide whether to self manage or pay a property manager to do that. Thanks in advance for any advice, tips, info...

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