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Updated over 3 years ago,

User Stats

6
Posts
2
Votes
Joseph Kim
  • New to Real Estate
  • Lawton, OK
2
Votes |
6
Posts

First Investment Property - Duplex

Joseph Kim
  • New to Real Estate
  • Lawton, OK
Posted

BP Community, 

I am currently under contract on a duplex in Lawton, OK. The purchase price is $205,000, the seller agreed to cover all the closing costs, and I'm putting 0% down since I'm financing the property with a VA loan. With that being said, my initial costs only consists of the inspection, appraisal, and earnest money ($2000 total). Each unit has 2 bed 2 bath and I plan to live in one of the units with a roommate. Furthermore, I plan to receive a rental income from the tenants in the other unit, from my roommate, and myself that should total to anywhere between $2100-$2400 (I plan to pay myself the same amount as my current living situation). Additionally, my expenses range anywhere between $800-$1000. I've crunched out different numbers a million times and my cashflow seems promising yet I'm having some last minute doubts and trouble figuring out whether my investment is "good."

Please give me insight on house hacking a duplex, feedback/constructive criticism on my current contract, or suggestions on anything I may have overlooked as a newbie. Thank you!

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