Updated about 13 years ago on . Most recent reply
Feedback for our first deal.
My wife and I (late 20's)have just entered escrow on a multi-unit in San Diego. It is two 2x1 and a detatched 2 car garage. The back unit has a decent size yard and is on a pocket canyon. Both units are currently occupied but one tenant has been offered cash for keys and should be out of there before we close. We plan on occuping the front and fixing it up while renting the back unit. Once we are done with the front we would like to move to the back unit and fix it up as well. We are using my VA zero down for the mortgage. Our offer is $495K with seller paying up to $6000 of VA required repairs if any. After renting out one unit at fair market we will be paying what we pay currently pay in rent for a duplex. If I left any thing out please ask. Does this seem like an oppurtunity to get into the world of REI? Thanks in advance for your feedback.
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This doesn't sound like it will be a cash flow deal-- too expensive, but it might be right for your family. This is a similar situation to Rich Weese's first investment, a duplex He's a successful BP member who has written a book about his experiences.
Welcome to BiggerPockets! I'd do a bunch more reading here before you commit to a half million dollar purchase.