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Updated almost 8 years ago on . Most recent reply
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Can I purchase a duplex
Hello
I just wanted a little bit of help, I was wondering if i could buy a duplex base on the following situation/criteria I'm in right.
OK
-I'm 21, my credit score is 680 (i know its a little low but Im working on it).
-My monthly gross income is $2262- $2300
-I plan to put $14,000 $20,000 for the downpayment and closing cost.
-Ok here's the property. Asking price $72,000 ( question could negotiate for a lower price, if so what do you think its the lowest they would take). 2 units total rental income $400 per side, tenants pays the bills.
-Property tax $1200- $1300
So first question, would I get approve for this loan, if not what can I do in order to get approve.
2nd would I make money with this property, I looks like a good deal, but maybe I'm missing something.
And this would be my first rental property any tips/comments, or I'm i doing this right. Should i go a different path.
One last thing
Thank you guys for you time if you read and answer my questions or just read