Updated over 5 years ago on . Most recent reply
Overpaying for a duplex?
So I'm looking into a duplex that is fully rented (3000/month) and would cash flow at the price I'm trying to get it at. The listing price is 359,000 but I would like to try and get it at a 10-20% discount. With closing costs and down payment I would be spending around 65-70k with a 30 year fixed interest mortgage. I live in an expensive market but the numbers work out if I can get it at a discount. The problem is that would be the large majority of my savings. Should I instead keep looking for something cheaper or something that I can get with an FHA loan to try and keep my CoCROI higher? Any advice would be great, I'm a new investor who refuses to get a bad first deal. Thanks!