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Updated almost 8 years ago on . Most recent reply

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3
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Willie Cook
  • Vendor
  • Akron, OH
0
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3
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New guy with a fish on the line...

Willie Cook
  • Vendor
  • Akron, OH
Posted

Hey Biggerpockets folks, 

My name is Will. I am a new investor in Akron, Ohio. With a potential investment opportunity on the line and I want to make sure I handle this the right way. 

Background: I am not new to real estate exactly...I am a notary closing agent, I am a home inspector, and I work for a large commercial CM. 

Situation: Attempting to House Hack (see im down with the people/lingo) in Stow, Ohio. The property is a side by side duplex, price is $159,000, 4% interest rate, owner financing/land contract, no money down (yeah I know). One unit rents for $850 the other for $780, one of the tenants may move out in January, which is when my family and I will move in. After mortgage, insurance, taxes im looking at $1543. 

I want to do this deal but I am currently working my way out of some financial difficulties and rebuilding credit. How can I get this property and safe guard myself from huge detrimental repairs? Property is in good shape, good neighborhood...the rent is actually below market value. According to relator.com, zillow...duplexes with 3+bedrooms with the square footage this property has is around $1100/mo per unit. 

Let me know what you guys think. 

Will 

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