Ready to take the plunge! First time duplex buyer

[Jasmine Roosendaal]

Hello everyone!

I have recently had a child with my spouse. Since we have gotten the first year of newborn craziness under our belts, we are finally ready to take the plunge into building the road to financial freedom. I have spent tons of time researching, reading, and listening to all the wonderful information this community has to offer.

We are currently living in Naples Florida in a beautiful duplex in Naples Park. Our lease is about to expire November 1st and we are looking for something that enables us to house hack. I have found two properties that fit the criteria but are located in a more run down area of town than where we are currently living. One has a cap rate of 7 , the other 8.2. Cash on cash return of 40. Building 1 has had the same tenants for 8 years , and the other building has tenants in each on annual leases , one of which is about to expire in September.

The more ideal building has had the roof replaced, furnace in both units, and the air conditioning replaced in the last year.

Naples is an area that has tons of seasonally tourists that come into town, which allows for high month to month rents. The market has slowed down a lot in the area and homes aren’t selling quickly. Both homes are for sale by owner. Been listed for a few months already. Any tips for negotiating?

I know the hardest part of starting down the path of financial freedom via real estate is taking the initial plunge. I have such limited experience in this world, what other questions am I forgetting to ask and research ? What else do I need to know ? What were your mistakes with your first plunge into real estate that you wished someone warned you about?

Thank You,

Jasmine