Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

25
Posts
16
Votes
Chris Jurgens
  • Rental Property Investor
  • Dayton, OH
16
Votes |
25
Posts

First Duplex! Anything I am missing?

Chris Jurgens
  • Rental Property Investor
  • Dayton, OH
Posted

Hey BP! So, I am starting the process for my first duplex. This will only be my second property so any input or recommendations are welcomed! Here are the details:

Duplex built in 1920 Purchase price is $75K taxes are moderate to low, Both are 1/1 units. ARV $100K conservatively. Separate furnaces both 15 years old. Roof 15 years old.

 Both currently rent for $500 each with the landlord paying water, $100 total/Month. I think this is low for the my market however the property has some deferred maintenance. Once I fix and up the curb appeal and freshen the interior (Total of $3k in reno) I feel $650 is 100% doable. The property features off the street 3 car garage I will include for $50/Mo. 

This is a private sale. I have be pre approved with a bank at 25% down. Next steps are to secure a purchase agreement. 

QUESTION: Is the paper work such that me and the seller can complete WITHOUT a realtor or should I consider using a flat rate realtor at $1000 to help with the paperwork?

Also, thoughts on deal in general? AND would you consider using another funding source or strategy besides tradition bank? Would love to be able to save the 25% down if possible. 

THANKS FOR ANY INPUT! 

Loading replies...