All Forum Posts by: Dean Klein

property taxes ? 3k a year 

insurance ? 700 a year

25 , 30 , 35 year mortgage note ? 30 years

monthly rental income ? With both sides rented would be $1300 a month

condition of property ? Remodeled, no repairs need

upfront renovation budget ? ( deferred maint ) $0 needs nothing, move in ready

your monthly portion of mortgage payment ? $817 a month, tenant that is moving in will be paying $950 with everything included, should leave me with around $150 a month in living expenses as the utilities look to be $300-350 for both apartments, the duplex is not seperately metered, will have it metered seperately when I move out and rent both units. Purchase price is 130k, not much available in my market for multi's, most are in need of alot of repairs, but this one is nice, and much newer than the rest.

I am purchasing my first duplex to live in and rent the other side out next Month, it's currently under contract, I am putting 20% down, after that, I will have approx 25k left, I want to get another duplex within 5 years, I can't qualify for anymore mortgages, the goal is not cashflow right now, although, I won't buy a property unless it does cash flow well, but the ultimate goal is to pay off a few multi's then have a nice steady stream of income for the rest of my life, should I wait 4-5 years until I have enough to purchase another building outright or should I try and get a couple owner financed deals but the problem is since I can't get another mortgage, I don't know I'd make a balloon payment. 

Hi everyone, I will soon be moving to a duplex to 90% eliminate my monthly bills. I have plans of purchasing a mobile home to rent but I have one problem. I have great credit 800+ score, my problem is, I was involved in a financial crime in 2013 and am going to court for it now, but by the time I move to this duplex, I will most likely be convicted and have a felony on my record, now the mobile home is in a different state, does anybody know if mobile home parks run state background checks or nationwide? I made a poor decision, and hopefully won't have to pay for it by not getting to rent a mobile out. 

Another good thing about this town is property taxes are pretty cheap, around $600-800 a year.

@Al Williamson

 Thanks for the info. What would having plans to purchase more properties on the same block have to do with it? Having the ability to control who lives on that block?

I get those numbers because I know each unit would rent for 450 or a bit more, they are 2 bedroom units with large living spaces. I was planning on buying more houses in the same town, around the same neighborhood in the future after I seen how this deal was going, say 6 months or a year down the road. There are a few duplexes in the area asking 20K or less because they are in much worse neighborhoods where there are duplexes, and triplexes side by side all down the block and alot of questionable activity from the people in that area. There's actually a really nice triplex that has rents currently at 450 a room x 3 and the asking is 40K. My biggest concern would be keeping my house from getting vandalized. I was thinking about getting an ADT home alarm system and including it in the rent too. 

First I want to say hi, I am fairly new to the forum but I have been reading alot of posts and discussions. There's a fairly big town 30 min from me and the real estate market is definitely a buyer's market, and there's a 2600 sq ft duplex in A+ condition that has had the same owner for 50+ years. The asking price is only $34,500 and the rents would be $900-950, property has never been rented, owner had his family living there in both units. This house is located one street over from a fairly bad part of town, where houses are boarded up, ect. I was thinking of making a $20,000 offer for this duplex because it has been on the market for 80 days and has had a $5,400 price drop. Is this a good deal?

Hi All, a town about 15 miles from my home, a fourplex has come on the market for $47,900, it consists of 4 - 2 bedroom 1 bath units. Each rent is 350 a month. I was thinking about offering 40K and putting 20% down. This seems like a great deal, anyone else think so? The fourplex is in good shape, it's in a small town which is why the price is what it is.

I'm 22 and am planning on buying my first Duplex and living in one half and renting the other. I plan to acquire one more property right after, possibly a SFH or another duplex, then I will have a decent amount of capital and I am going to flip a few houses to increase my income to qualify for more mortgages and build my rentals until I have 20-25 properties, that's my 10 year plan.

Hello, thank you for replying. If I bought 3 properties to start, I would still have over 20K in reserves. I will start with 2 and see how well they do, then if they are going well, get a 3rd, I plan on being patient and getting the right deal on the 3rd property, as well as the 2nd.