6/4 Duplex near hospital

[Angelo Cortez]

Investment Info:

Duplex buy & hold investment. My best friend from high school had a VA loan. We got 20k worth of repairs for free that way from the seller. Learning experience buy overall. No real plans to cashflow. 4.6k/mo mortgage.

Created 2 contracts using ChatGPT:

1. Friend and I will go 50/50 on mortgage payments, closing costs, etc and the tax deductions he gets from the property for 2023, he will put back in a slush fund towards the house. We plan to put my name under the property and convert it into an investment property in 2024.

2. Agreement with top tenant that we will not increase his rent for a year if he lets my friend sleep in one of the rooms as it is his primary residence. 

Purchase price: $615,000
Cash invested: $30,000. ~10k closing costs, ~13k renovation (repaint bottom unit, swap out carpet for vinyl on 3 beds, closets redone, and landscaping done on the yard for both units). 

Duplex; 3/2 each side with separate, gated entrances. Top unit is 1800/month as an LTR. Bottom unit will be a MTR, targeting 2700/month.