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Updated almost 10 years ago,
Needing advise on buying a duplex
- Hi my name is Shawn. I'm new to BP and relatively new to investing. I currently own two duplexs that I'll admit were quick buys with not much research and ending up not being as good of deals as I'd thought they'd be. I'm now looking at another Duplex in a different market and would like some advice first.
The Duplex is in an Oil city where a few months ago people were bidding up houses to be able to purchase now the market has slowed a little, but prices are still high, due to the low oil prices. The 1975 2400sqft 2 story duplex has been listed for just over a month and is currently listed for $450000 can probably get it for 420000-430000. Both side are currently leased til may and current owner says they "probably sign another lease". The rent being collected right now is $3350/month. I looked into the rent for that area and it seems that it may be a bit above average but not much. I'm looking for advice on whether or not this is a good deal as the numbers sit right now, what I should be looking for when I inspect the property and how to set up my terms when it comes time to make an offer. Any and all advice would be appreciated. Hoping to become a smart investor and not just a property buyer
Thanks