I came across a great deal this morning for a 2 family duplex in my area. None of my existing buyers are looking for rentals right now. It does need work, primarily to one of the units that has 5 bedrooms.
The other unit has a single bedroom, kitchen and living area and really would just need some carpet and paint before being able to be rented out for $500/month.
After the 2nd unit is renovated, according to a rental agency in the area, it should bring $1200 - $1500/month.
Also, there is a good size yard and a 3 car garage which could be split easily to give one unit a 2 car and the other a single. OH, and rare to the older homes in the area is a full size basement which could be split down the middle for each of the 2 units as well.
Here is what makes this a really great deal - TotalViewRealEstate estimates this property at $124000. The listing price is $79,000 and the realtor told me it was being sold by the only remaining member of an estate who wants to get rid of it and will look at any and all offers.
I want to look into purchasing this on my own, but of course I do not have the funds available for the home and the renovations.
So, would anyone out there be interested in partnering? The rental market is very good in Oxford right now too because of everyone who is loosing their homes but wanting to keep their kids in the same school district.
Don't take no for an answer!
Don't live in the gap!
Don't give up!
You can follow my progress at: http://www.deangraziosi.com/real-estate-forums/investing-journals/54148/...