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Updated about 10 years ago on . Most recent reply
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Newbie - bagged our 2nd duplex ;)
We just closed on our second duplex! I wanted to wait a little longer to build up our cash reserves a little bit but this deal popped up: duplex built in 1978, 2 beds/1bath each side, fully rented, 5 minutes from our first duplex, retired out of town owner. It was on the market for 3 or 4 months and the asking price dropped so I figured they were getting a little anxious. Sent my inspector in and he came back with a laundry list of repairs which I had my agent forward to the owner along with a lowball offer of $40k cash. He countered at $45k and we closed within a week.
Here's the break down:
- Purchase price + closing - 46,400
- Immediate repairs - 700
- Total cost. 47,100
- Insurance - 63
- Taxes - 58
- Management. - n/a
- Maintenance. - 60
- Water/sewer. -60
- Mortgage. - 0
- HOA. - 0
- Vacancy 10%. - 90
- Repairs 10%. - 90
Most Popular Reply
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- Specialist
- Rockland, MA
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Congrats.
You can call the local Sec 8 office ask their requirements ask to call some current landlords and see what their experience is.
Section 8 are more labor intensive go to IREM.org search for ARM certified property managers that handle section 8. Call 5 ask them ow they select and what issues come up.
Paul