First deal, two properties

[Dillon Bergey]

Hey guys, so I’m just getting my feet wet in the real estate world. I’ve been reading and listening to anything and everything over that past year. I didn’t know when to jump in until last week a long time friend approached me with a deal.

Right now he owns two duplexes in the town I live in and they are about four blocks apart. He wants to sell both and is willing to work with me on financing the second. I have bank financing on the first property with 5% down on 155k. I will live in the lower level and rent the upstairs.

My question or two questions is on the second property ask is 110k he will do 100k if I buy both. He has said he will work with me to buy it with seller financing/rent to own. He wanted me to put together some options.This duplex cash flows about $450 after all is said and done. So with both properties I’m hoping to live free and cf 100 - 200. I’m open to any thoughts anyone has about the deal in general, and also if any suggestions on options for financing. I have about 10k to work with after down payment on first duplex. Anything helps, totally newbie looking for info.