All Forum Posts by: Alex Leendertsen

Welcome, Wayne!

Hey Ellen,

I bought my last rental property through Krista Gross. You can find her at http://kristagross.com/. She was great - very responsive and professional.

Thanks for setting this up @Jared Kneitel, I hope to see you guys tonight!

Hey @Matt Marino,

I purchased a duplex last year using an FHA loan. I live in one part and rent the other. I can't recommend it enough! Let me know if you have any questions!

Alex

Hey @Alan Reza,

I was able to purchase a duplex last June and so far it's been excellent. I bought it through Mick Nazerali and would absolutely recommend him. He is an investor himself and was great to work with.

Definitely interested. I think WCLTA has regular meet-ups, although I have yet to attend.

Hey William,

I'm pleased to meet another house hacker! I've just bought my first duplex and plan on renting out the larger of the two units to offset the mortgage payment.

I am currently unaware of any meet-ups, although I am looking for some as well. I'll be sure to let you know if I find any.

Welcome from Pullman!

 Thanks for the input, Jeremiah, and Go Cougs!

I'm definitely not looking for a single family home right now. I am very interested in learning how to be a landlord, even though it doesn't sound easy. At some point I will probably move on to a property manager, and having landlord experience will probably be invaluable when choosing a one. Buy and hold is my primary strategy. I'd like to think that I can stomach extended vacancies, however this shouldn't be a problem in Pullman, WA. I could be wrong...

Any advice you guys can give me on this deal would be greatly appreciated, even if it is "Not a chance in hell". Here it is:

A 3400 sq. ft duplex on a large lot for $185,000, which works out to be roughly $54/sq. ft. This kind of price/sq. ft is unheard of in my market. This is a very old property, originally built in 1947. Since then, there have been at least two additions. The basement has been converted into the second unit (most of it, some of it is actually still accessible to the top unit). This makes the top unit a 4 bed/2 bath and the bottom unit a 1 bed/.75 bath. The bottom is currently rented for $475 while the top is vacant. The top unit has been rented in the past for $1400, which I believe is very reasonable for my market. It should be easy to rent.

My plan is to move into the top unit while the bottom is rented out (I will be using an FHA loan). When the bottom's lease is up, I will move below. This allows me the sweet $1400 rent from up top which will more than cover my mortgage, and may even cash flow (although barely). I then hope to move on to my next investment property.

An inspection has yet to be performed, however I see no major improvements that must be made before it can be rented. The top unit has very nice hardwood floors throughout, the walls are in good condition (clean, at least), a high efficiency furnace has been installed, newer hot water tank, and the roof and exterior look fine. With that said, it is a very old house and I am nervous about the potential for future problems/improvements (e.g. the windows are all wood framed single pane, the house is surrounded by trees resulting a lot of moss and debris).

What are your guy's thoughts?