First Property (2/1 Turnkey Duplex)

[Benjamin Xiong]

This home is going for $299,000. I have a VA loan for $350,000 with current rates (4.8 I think). This duplex has been remodeled is in the process of clearing section 1 fixes and asking seller to also fix section 2 with papers providing inspection on home for termites. VA requires sellers to have property ready to move in without major discrepancies.

My estimated monthly mortgage will be around $1650. Rent around here averages $1100-$1300 (let’s say $1200). Va requires me to move in to the unit and stay for one year. Do you guys think this property is a good deal whether I stay or rent out the unit I vacate in one year with the information provided above or what else am I missing?

[Tanner Marsey]

Originally posted by @Benjamin Xiong:

@Tanner Marsey

I just want to create a portfolio full of rental properties and create residual monthly income.

Run your numbers in accordance with your goals. I, personally, don’t care about the monthly cash flow in the short term. I’m looking for my investments to start paying off in 20-30 years. So my numbers are gonna be way different than yours. Break even is okay for me. Cash flow is strictly reinvested. Either way, I think you’ll reap some benefits if you decide to act on this property.