I'm a residential real estate agent.
I have Single Family home I have been fixing up the past 5 years. Almost done with all repairs. I'm planning on listing the SF for 250k.
I have a close friend's mom would like to sell me her duplex ( Property A) off market for under market value due to repairs needed for 210k + Closing Cost.
I also have a past client who would like to sell me his duplex (Property B) off market as well for 215K. Property A needs 30k in repairs but would comps at 280-290k. Property B comps at 225-230 and rents $1800-$1900. $600 up, $1250 Down.
Plan would be to move into Property A, rent out up stairs for $650 and live and work on lower unit. I would have leases signed for at least one years on property B. Planning on putting 40% at least on both while having enough for reserves for both and repairs for Property A.
What would you do? Should I be thinking bigger? Is this too big of a first move? How would you finance it if you had 240k? What would you do with 240k?
Any tips/advice/feedback is much appreciated!
Thanks!
