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Updated about 3 years ago,
Buying my first Duplex
Hello everyone,
I am looking to buy my first duplex in my local neighborhood. It has a 1 bedroom apt in the top and a two-bedroom apt in the bottom. Both apts have long-term tenants living there already that are locked into lease agreements, the top one earns 725 A month and is on a 1.5 yr lease. The bottom earns 1125 a month and is currently on a month-by-month lease. Both of the units are newly renovated and the house was built in 1910. There are a few things that can be done to the outside to make it look better, however, the inside is completely turn key. The house sold for 100k in 2018, and is currently listed for 125k today. According to the calculators I have used, with a 20% down payment, the property would mortgage at about 700 a month. I plan to tour the place this week however, I just started my new job and the down payment is not readily available for me currently. I am writing this post to get some feedback on creative ways I can get the money for the downpayment on this property. I also intend to live in the property for a brief period of time so house hacking is also in play for this deal. Thank you in advance to anyone that responds, I look forward to some feedback!