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Updated over 8 years ago on . Most recent reply

User Stats

352
Posts
128
Votes
Varinder Kumar
  • Realtor
  • LA & ORANGE COUNTY CA
128
Votes |
352
Posts

need advise on potential purchase

Varinder Kumar
  • Realtor
  • LA & ORANGE COUNTY CA
Posted

Hello! my fellow BP'rs. So i noticed this listing which is on the other block from my primary residence. They are 2 units on a single lot. Each one contains 2 beds and 1 bath. It is listed for $599k. I am yet to check how much rent is for but I'm assuming it's atleast 1800 a month for each. Also am unsure if it is renter occupied at the moment. 
I currently own a single family rental which I have about 140k in equity. My plan is to pull out the 20% needed for this deal out of my sfr. 
Depending on the interest rate I qualify for which should be a good one, would this be a good move? 
I'm sure I can get 2k a month th for each.  With 20% of 600k my mortgage should be around $2600 leaving me with a $1400 cash flow. 
Please advise.  This is my first multi unit rental. Thank you everyone I look forward your response! 

  • Varinder Kumar
  • Loading replies...