Found a Duplex! Need Advice asap! First property!

[Muhammad Elzeibagh]

Hello, Fellow Bps 

So, I have currently found a Duplex here in Milwaukee. I believe that in order to really learn things is by experience and that's why I want to dive into my first purchase already. Some details about this property is that both units are already occupied by long term tenants. One unit is at $700 a month and the other have a dog so are paying $800 a month. For a total of $1500 monthly. The tax History of 2016 was $1830 and in 2017 it was $2400. Seems like the house was sold in 2007 for $135,000. It is being priced at $65,000. I would like advice on what kind of loan should I best consider and what kind of things should I look out for. Thanks!!

[Jaysen Medhurst]

@Muhammad Elzeibagh, could be a good deal. That's 2%, which is pretty hard to come by. You'll want to expect there will be a lot of deferred maintenance. This person bought at the top of the market and is taking a bath. Don't underestimate repair costs up front.

The upside is that those improvements may justify bumping up the rents.