Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

2
Posts
0
Votes
Jarid Reeves
0
Votes |
2
Posts

240k in Equity in 1 SF Home? Reinvest in Res. or Com.? WWYD?

Jarid Reeves
Posted

I'm a residential real estate agent. 

I have Single Family home I have been fixing up the past 5 years. Almost done with all repairs. I'm planning on listing the SF for 250k. 

I have a close friend's mom would like to sell me her duplex ( Property A)  off market for under market value due to repairs needed for 210k + Closing Cost. 

I also have a past client who would like to sell me his duplex (Property B) off market as well for 215K. Property A needs 30k in repairs but would comps at 280-290k. Property B comps at 225-230 and rents $1800-$1900. $600 up, $1250 Down. 

Plan would be to move into Property A, rent out up stairs for $650 and live and work on lower unit. I would have leases signed for at least one years on property B. Planning on putting 40% at least on both while having enough for reserves for both and repairs for Property A. 

What would you do? Should I be thinking bigger? Is this too big of a first move? How would you finance it if you had 240k? What would you do with 240k?

Any tips/advice/feedback is much appreciated! 

Thanks!

Loading replies...