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Updated about 7 years ago on . Most recent reply
Looking at my first deal possible duplex fix and hold
Hey all BP members!! I have this potential deal that I would love to close. This house is on the same block as me. Located in Staten Island, New York. Im waiting to hear back from the owner I just left him a voicemail right before I wrote this.
The info came to me from my aunt. Who I should mention rents the top half for $1200 a month. The house was owned by a old couple who passed away last year. The son and siblings inherited the property. The son recently told my aunt that he's looking to put it on the market soon. The house is a 6 over 6 and was built in 1960, the estimate on Zillow is $530,000. I know NY prices are insane. The bottom half would include driveway, basement and backyard and could probably rent for $2,200. As of right now the bottom half is currently vacant.
My aunt called me and told me right away because she knows I have been educating myself in REI. A little about myself, I recently formed a general contracting company fully licensed and insured in NY.
Again I'm not that experienced in REI but I feel that this can be a good deal, my aunt wouldn't have to move and I would acquire a rental property. My plan was to fix it up and force equity and keep it as a rental under my business name. Im also looking to buy my own house in the next year. Im getting married next year and would like to buy my own house unrelated to this one. With that I thought it would be a good idea to see if I can acquire this property under my business name. This way I could get a business 203k loan to buy the house and fix it up. Then refinance after all the work is done and I have the house fully occupied (aunt upstairs and new tenant downstairs). Plus I would be doing most of the work myself so I will save a ton on labor.
Can some one please tell me if I'm on to something here?
Id be happy to hear anyone's advice on how I could possible make this work.
If any more details are needed let me know.