All Forum Posts by: Zackary Martin

@Benjamin Dodd awesome congratulations!

@Charles Wisniewski Congrats on getting started!

@Sam Shueh I appreciate everyone’s input thank y’all so much.

@Joe Villeneuve I’m living in one side. The side that would be rehabbed is currently rented by tenants who have been there for 7 years. Fully renovated I believe both sides could pull 1,100 based on the other duplexes in the neighborhood.

@Mike McCarthy okay thank y’all so much.

@Jake Stuttgen only one side needs to be rehabbed which is why it’s such a low rehab cost. But there are other duplexes on the same street that are smaller and not as nice but are still getting the rents I’d want. I can’t sell the property because I wouldn’t get enough to pay off the loan after the agents commission and closing cost.

I recently purchased my first duplex. I was so eager to get my first property I convinced myself that I just needed to get started regardless of it not cashflowing (terrible mistake). Currently the rent will cover the mortgage but that’s it. I’m coming out of pocket 700$ every month to cover reserves for vacancy, repairs, capex, etc. In order to make this property cashflow I would need to do about $15,000 in repairs to get higher rents and refinance the property at 40% equity ($90,000). I am extremely frugal so the $700 really doesn’t affect my way of living. Should I devote all my money towards making the property cashflow or use the experience gained from my first failure to buy and rehab another duplex that is under market has the ability to force equity and will cashflow? Both would take about the same amount of time and money.

@Nathan G. Will do thank you!

@Joe Villeneuve what would you suggest I do?

I just purchased my first duplex wiping out my cash reserves when a deal was brought to me. A friend of a friend is moving away for work and needs to get rid of their house. They don't need down payment money and are only looking to sell for the amount they owe on the property (50k). I know a traditional loan is out of the question for me as is an FHA. I'm also new to real estate so I don't know anyone I could partner with and no one in my family has any money to invest. I was thinking of maybe doing a lease option. Where I rent the property from the owner for the price of the mortgage then find someone else to rent the property to for a slight profit, until I can buy the property in a couple of years. However I'm a newbie and unfamiliar with financing this way. Is this even possible or is there a better way? Any advice is greatly appreciated.