I did...I FINALLY closed!

[Tom Chen]

FINALLY closed on the duplex up in Syracuse. Word of advice...even though HSBC doesn't have the Fannie / Freddie limits on residential loans, their process is SOOOOOO long I almost lost the deal. Anyway, to the deal! $45k 1st floor rented to a family for way below market rate at $600, should be around $750 - $800 2nd floor needs some minor work and should rent for $750 - $800 Unfortunately have to buy new appliances for both floor. 1st floor tenant hasn't had a working refrigerator or stove since last November because the sellers knew they wanted to sell. The roach problem on the first floor is pretty bad so that has to be fixed. All in, I probably will need to spend about $1600 on new appliances for both floors, some work in the kitchen and the exterminator should cost me around $4,000 The place will probably never appreciate to more than $65k...but I'm a buy and hold for the cash flow which this place should. PM says it's not bad, not the greatest because of current tenant rent and the small amount of work needed upstairs. But he's seen a lot worse. I'm pretty stoked.