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Updated over 5 years ago,
First time investor made an offer and was accepted
I currently made an offer on a legal “duplex” that is 3/2, 3/2. (All year leases). One unit is rented at $1,200. The second unit is split into two: 2/1 and 1/1. The 2/1 brings $1,200 and the 1/1 brings $600 (all monthly). The monthly total gross income is $3,000.
The property is from 1970 and needs a little bit of work on the roof. The offer, which has been accepted, is $335,000. It’s in Miami FL, which is why the price is so high. (A duplex in the same area in great condition would cost $500,000)
I have two questions:
1. does this sound like a good investment?
2. Should I do an FHA? Or seek capital from friends and family to avoid the PMI and get a conventional loan for 20% down?
Thank you for the continued support of the BP family