Buying my first duplex with no job?

[Lisa Vu]

I found this incredible duplex that's close Universities, Downtown and it's about a mile to a very highly desired area. It's priced at 75,400 but I'm hoping to get it for 65,000. It's a 2 bd. 1 bathroom on each side and I will be living on one side. I'm going to use the HUD program to make use of the 3% down payment I'm hoping to receive 875-1000 a month for the place because of its great condition and a wonderful FLAT yard which is hard to find in the area. I'm a college student and I'm trying to find a way to live almost to completely rent free. I know there will be lots of extra cost that comes with a duplex such as property insurance, utilities, maintenence, repair, etc. Is this a good deal ?

[Curtis Bidwell]

@Lisa Vu I think it's a great idea IF:

If You can pay cash.  Without a job you will have a hard, if not impossible time getting financed.

If you have substantial cash reserves to cover maintenance, repairs, vacancies, and lenders requirements...

If you have validated the amount of rent you can get in your market. Nothing worse than planning on $850-1000 when the market only supports $700! 

If you have want experience working with contracts and tenants.

If you have a team you can turn to as needed including: property manager, attorney, plumber, electrician, handyman, yard care, etc....

Getting a place while in college is ambitious and I applaud your vision. There's a lot to consider, and you can learn about most every topic right here on BP!