1st Deal Opportunity: Duplex!?!?

1st Deal Opportunity: Duplex!?!?


I came across an opportunity for my 1st deal!!

A friend of mine recently bought a duplex. However, he has been too busy to get it ready and get tenants in place. He bought it for $40,000 (I believe it was appraised for $49,000) and his offer was for me to buy it (I think he mentioned 'land contract') for $45,000... no money down and payments of $400 a month. Together the cash flow would be $800; Therefore, I would receive $400 passive income.

As i already stated, this would be my 1st deal... so I am very excited but nervous at the same time! Any comments and suggestions are encouraged and appreciated Smiling




Sounds Great!!!

No money down??? That is every investors dream!! Is the house in a good area and is it rent ready? This sounds like it would be great for you to start off on. My partner Jan and I are doing a land contract this month. This meaning your friend would hold the mortgage and the title would be transfered over to you once you pay off the 45k to him.

So you are saying he would want payments of $400 a month for the mortgage or what? Keep in mind taxes and insurance must be paid. What would each unit rent for? Make sure the house does not have any problems. Is this a good freind? Post more details so we can get a better idea.



This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen

1st Deal: Duplex

Jeremy, yea he wants $400 so he can pay off the mortgage (and maybe a little extra passive income). I do not know the details on the taxes or insurance, thanks for bringing that up! One unit would be rented out at $450 and the other at $350, both are ready to rent. I walked through the duplex a few weeks ago when he first told me he bought it, but now that I might buy it from him I want to do a second walk through. He is a pretty good friend, he was my high school bball coach and we've stayed in contact ever since.




I agree with Jeremy but also

I agree with Jeremy but also figure in if you are paying the utilities
(gas & electric ) or the tennants. go to rentometer and find out what rents are going in your area for the same amount of beds and bath. you may be able to get a higher rent for each apt. sometimes a little fixing up will bring in a better rent.
good luck

Buyers List

Since you are already checking out this property,Advertise it and see who calls about it.You would be giving yourself another option if you change your mind and at the same time building your buyers list.


Invest in yourself!


JEREMY,RICHIE AND ROSEFIELD HAVE SOME GOOD ADVICE.DEF RECHECK ON THE EXPENSES ON THIS.IT sounds like u may have a great deal nmd and a chance for good cashflow.do some homework on the expenses such as they mentioned taxes,insurance,maintenance!! for example i went to get insurance one time on a property for at or below what a seller told me he was paying and couldnt even come close!! sooo there goes some of your monthly cash then the taxes may be a little more than what he stated: for example he may have qualified for the STAR program where HIS taxes are lower but when you buy it YOUR taxes are higher. im not tearing the deal down just giving you some examples where YOU NEED to check into these figures BEFORE you get into the deal although thats what you have clauses for and contingencies right? sounds like it could be a good one for you though!! you mention good friends and that may be true but protect YOURSELF !!pulling for ya rwh!!


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