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Updated over 6 years ago on . Most recent reply
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First Duplex! Anything I am missing?
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!