All Forum Posts by: Brittany Kelly

 Thanks for the feedback! No work needed but unfortunately he's not shifting on the price. Fingers crossed!

 I agree, adjustable scares me too. Do you think I should walk away because of it? It's fixed for 5 years. One tenant has been in place for three years and the other coming up on one year. Thanks for the heads up, I'll note that if I choose to continue.

 Would that mean deal or no deal? Any suggestions on how to make a better deal with $10,000?

 I am. It's fixed for five years. The bank said if I wanted fixed, I'd have to come up with more than 10% down and look into paying more monthly (can't remember why) so if I go through, adjustable is what I'd have to take. I'm going to ask about amortization. Any deal breakers, relating to amortization, that I should look out for? Excuse my lack of knowledge, but is the benchmark different than the interest rate given? Unfortunately, I'm not familiar with that term.

 The plan is to keep existing tenants. I'm dealing with a small local bank and they're aware that I won't be residing in the property. Nice idea! I'll look into improving either or both sides to increase rent to eventually get more bang for my buck.

Hello All,

I'm looking to begin my investing journey and would like to know your opinion on if this is a deal or no. The property is a duplex selling for $91,000, appraised at $92,000. I've been approved for a loan at 5.5% adjustable :/ and 10% down. Current tenants pay $600 and $550 and the mortgage would run $700 including taxes and insurance. Also, I chose 30 year since I'm beginning and to leave more room for extra cash to build reserves. The property's value is not expected to raise but there is room to add an additional property on the land being purchased with the home.

I'm open to all comments and concerns. 

Thanks!