All Forum Posts by: Timothy Winfield

Congrats

Congratulations on your exiting of the rat race. This is such an inspiration and motivation. Good luck to you and I hope I'm not far behind with my exit as well!!

Luis Almonte has this property been sold?

Have you been to the court house to do your research. Don't trust online sites I personally go to the clerk of court office in the mortgage records Department and do a chain of title. I also would consult any Attourney as well. Chain of Title searches can be tricky my aunt is an abstract so I learned as a child how to do these. :)

You could go down to the court house and search cash sales, mortgager, and mortgages in the neighborhood.

Great post about to buy my first duplex and I'm planning on doing this. The covered parking is a great idea. Not only will the property owner make more but the tenant will benefit from dry,and safe parking as well as a reduction on their car insurance rates.

Dustin Beam also forgot to mention that tenant pays all water sewer and utilities

Jay Dean thanks I appreciate your guidance what other type of expenses do you think I should account for? Dustin Beam You are the man!!! Ok so I didn't account for the vacancy rate as my realtor said the units have signed leases for long term tenants. They have been there and they plan on staying there. As far as maintenance I will cut the grass. Im a 23 year old electrician by trade and I can do mostly all electrical upgrades and installs. I also plan on managing it myself ( letting the tenants think I'm just a manager for the property owner).

It pretty much is going to cash flow 500 a month. my note including insurance is going to be 900.

Michael Lucero thank you for the quick reply great info and advice. To you and Dustin Beam the asking price is 135k. The place it's grossing 1,400 a month. I am getting it financed @ a 3.75 interest rate. Taxes $350 The building has two AC units and two heat units, Slab foundation, Brick and wood siding each unit had Dishwasher ,range /oven.