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Updated over 10 years ago on . Most recent reply

User Stats

50
Posts
15
Votes
Brad Klock
  • Investor
  • Sidman, PA
15
Votes |
50
Posts

Almost got my first deal done!

Brad Klock
  • Investor
  • Sidman, PA
Posted

So I posted before about a duplex I was working on getting.  I went and walked through it and everything appears just fine.  It needs paint and new windows but I knew this going in.  I talked to the seller today and I have to put $5,000 down and then I will pay the rest of the money over 6 years at $334/mth plus taxes and insurance.  The total purchase price will be right around 29,000.  I have 7,000 saved and figure that I should be able to put in the 9 windows and paint for 2 grand.  I wanted to try to get him to take 4K but he wanted 5.  Originally he wanted me to put 9K down and pay 22,000 over the next 5 years, so I feel like I did alright with the deal since I am only putting 5 up and paying 24 over 6 years.  The one side is rented for $350/mth and I plan on renting the other side for $350-$375/mth as soon as I get it completed.  He talked with his attorney to draw up the paperwork and then I am going to have my attorney look over it.  Any advice, comments, concerns would be greatly appreciated!  Thank you guys for your help, I am very excited!

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