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Updated almost 9 years ago,
A little worried about house i'm closing on tomorrow- should I be
my fiancee and I just bought an investment property in the port richmond section of Philadelphia. Its not the best area right now, but is likely to appreciate and I found what I thought was a pretty decent property. 75k duplex, 625 rent from each side so 1250 a month. the mortgage is going to be 400 a month so after accounting for vacancy and maintenance we should be cash flowing 650-700 a month.
Closing is tomorrow. The inspection and appraisal went fine. What were worried about - We had trouble getting the first floor tenant to answer the door twice so far- once when we initially came to look at the house before we even put an offer in, and tonight when we went over to do the final walkthrough. Tonight we also learned that the first floor tenant just switched phones and the landlord didnt have his number. Basically we saw the second floor, which was 100 percent fine, but didn't see the first floor. Should we be worried about this? It was fine during the inspection, and the tenant was very accommodating and seemed like a decent guy according to the inspector.
One other thing- I have a copy of the leases but no proof that the tenants have been paying rent. I have no worries about the second floor tenant, but was a little worried about the first. Apparently its pretty common not to see proof of payments with duplexes. I'm just looking for any advice/opinions from you guys.