All Forum Posts by: Lakota Tidd

@Ezekiel Mojica wow what a great story! Way to start and end up getting a great deal. I wish you success and keep getting more places! 

@TJ Patton I have heard that certain parts of Muskegon are doing very well for rentals! Booming down there. Keep me posted! I have learned a lot with my first one. 

@Charles Kao yes I meant $1200 on one of the units. My duplex is located on Lafayette NE Grand Rapids. Up by the corner of Matilda 

A few months ago I let everyone know that I closed my first duplex in Grand Rapids MI. they wanted 145k for it and I ended up getting it for $135,051. I had problems with the top tenant so after awhile we evicted them. They were paying $650\month. I replaced carpeting and painted the whole 2 bed 1 bath unit. CLeaned the entire place. 

My goal was to get 1200/month out of the unit. no one thought it was a good idea and didn’t think it was possible. As of last week Friday I was able to get my $1200 goal. Awesome! 

Now my bottom unit tenants will be moving out here shortly. They are paying $850. Same plan except I will get $1300\ month. Steep goal but now I know the process now. Anyways my first duplex will bring in a gross of $2500\month with expenses being around $800.  I’m having a lot of fun and learning what a lot of you guys already have been through! Any more tips or tricks? I’m here to learn and take action, thanks. 

ok awesome, I appreciate the advice. do I have to go into the bank and specifically ask for those types of loans?

first one was full investment property, 25% down

I have a quick question , I just bought a duplex. Babooooom! closed on it last week. first of many. 

my question is, if I were to buy another and tell them that I plan on living in 1 side and renting out the other [primary residence] will the bank allow 3.5-5% down?. 

only reason I ask is because I have heard a couple different things.  including me needing 15-20% 

Also who has duplexes located in downtown GR. What’s yours renting for ballpark? 

Also do you prefer college students or families to rent to? 

@Charles Kao 

Ok thanks for your help. I will definitely use those techniques. 

Ok that helps. 

Top unit is month to month and bottom ends in September. From the sounds of it I have to keep contract until renewal in September. But what about the top unit being month to month?