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Updated over 7 years ago,

User Stats

24
Posts
1
Votes
Tim A.
  • Milwaukee, WI
1
Votes |
24
Posts

Off Market Duplex Deal

Tim A.
  • Milwaukee, WI
Posted

Hello,

I met someone who is finally willing to sell me their duplex.  The property is in wonderful condition with new windows, furnaces, hot water heaters, windows, electrical, and other odds and ends.  I am currently out of the country and we decided that we would talk more when I got back, but the general numbers that we are talking about is that he would sell me his property for 95K and that he would be allowed to live in the unit that he is currently living in for $700 a month.  Market rent would be for about $750 but he has agreed to take care of landscaping and snow removal.  Taxes on the property are $2780 and it is located in the northwest side of Milwaukee.  Its a pretty decent neighborhood on the south side of the intersection of 76th and Capitol.  I would plan on renting the other unit for $750 and both tenants would be required to pay for all utilities, including water.  Which brings me to the following questions:

Considering that all of my other properties are single families, does this seem like a decent deal to you?

Are there any concerns that I need to be aware of from allowing the seller to continue to live in the property?

How much does it generally cost to have a lawyer handle the transfer of the property, opposed to working through a real estate agent?

Thanks in advance,

Tim

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