All Forum Posts by: Angel Moreno

@David De Luna okay I won’t continue with negotiations.

Hi guys I’m currently negotiating for my first duplex in Chicago area. Duplex is up for sale for 155k. 2 bedrooms 1 bath each with unfinished basement. It was recently rehabbed with new roof, new kitchens, new bathrooms, new water heaters, and a new furnace for upstairs unit. Being conservative I estimate both units would rent for $800. I plan on buying coin operated laundry appliances for the basement so old how much more income that would bring.

I'm using FHA financing and sent in an offer for 135k plus 5k I'm closing costs. Buyer responder with 155k with 5k closing costs. He didn't drop the price at all. At 155k my mortgage including taxes and insurance would be $1340 leaving me only $260 cash flow before vacancy, repairs, capex, and property management (after I leave the duplex in a year). How would you guys continue forward?

I’ve been doing a lot of reading (books, forums etc) as well as watching and listening to videos. Also been getting my financial situation to a point where I can start investing soon however the more I learn and the closer I am to be able to invest the easier I believe it is. For that reason I start to wonder why isn’t everyone investing or if I do an analysis on a house and it makes sense why hasn’t no one bought it yet. I worry there is too much competition and investors with more capitol would just snatch up all the deals that makes sense. How can a beginner like me compete?