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Duplex as Investment Property?
Posted on 7/15/14 at 9:02 pm
Posted on 7/15/14 at 9:02 pm
I have been thinking about getting some rental properties. There is a duplex for sale that currently has two tenants that pay a total of $1,800 my mortgage would be around $1,100 including taxes and PMI. This duplex is near Texas Tech and two hospitals. It was built in 2002. 3/2/2.
I would be interested in hearing from someone that has rental properties as a long term investment. This will be my first one.
I would be interested in hearing from someone that has rental properties as a long term investment. This will be my first one.
2
Posted on 7/15/14 at 10:05 pm to thelsutigers
Sounds like a no brainer!
Posted on 7/15/14 at 10:06 pm to thelsutigers
You should live in one side and rent the other to figure out if you want to be a landlord or not.
And yes that deal sounds good.
And yes that deal sounds good.
Posted on 7/15/14 at 10:17 pm to eng08
Biggerpockets.com
Read about cash on cash return, cap rate, 1% rule, 50% rule, how to analyze a property. Website is a good primer.
Read about cash on cash return, cap rate, 1% rule, 50% rule, how to analyze a property. Website is a good primer.
Posted on 7/15/14 at 10:18 pm to eng08
quote:
You should live in one side and rent the other to figure out if you want to be a landlord or not.
I thought about that too. One lease is up in October. It's mainly college kids moving in or medical personnel working at the hospitals. I will probably make an offer this week sometime.
Posted on 7/15/14 at 10:50 pm to thelsutigers
Without knowing the purchase price and just basing it off your numbers given this will most likely be a negative cash flow property.
You have to factor in vacancy rates, maintenance cost, yard maintenance, property management, insurance etc...
You have to factor in vacancy rates, maintenance cost, yard maintenance, property management, insurance etc...
Posted on 7/16/14 at 10:56 am to RadTiger
Sales price is $165,000. I will put down 10%. Finance around $150,000.
Insurance was included in the mortgage price. Being empty is not really a problem around Texas Tech. If even one side is rented is almost pays the mortgage alone.
For the most part there is no yard. What yard there is, I will probably install artificial turf.
I am a general contractor and can effectively take care of some of the maintenance issues or know subcontractors that would do it at a discounted rate, especially if they want other work.
Insurance was included in the mortgage price. Being empty is not really a problem around Texas Tech. If even one side is rented is almost pays the mortgage alone.
For the most part there is no yard. What yard there is, I will probably install artificial turf.
I am a general contractor and can effectively take care of some of the maintenance issues or know subcontractors that would do it at a discounted rate, especially if they want other work.
Posted on 7/16/14 at 11:13 am to thelsutigers
If your making profit , sounds like you should do it, isn't that the point?
Posted on 7/16/14 at 11:16 am to thelsutigers
With that reply sounds like a no brainer to do it.
Posted on 7/16/14 at 1:30 pm to thelsutigers
If it's for college kids, you want to have a safe place for them to live, and spend as little as possible. College kids like to trash things, so no use putting in expensive stuff just to have to replace every time you change tenants.
Given you are a contractor, this might be a great fit for you. You can do most of the work yourself and save a lot of money.
One thing I would look at is how property values have gone the last 5 years and what else is happening in the area.
Given you are a contractor, this might be a great fit for you. You can do most of the work yourself and save a lot of money.
One thing I would look at is how property values have gone the last 5 years and what else is happening in the area.
Posted on 7/16/14 at 2:37 pm to LSUFanHouston
I'm going to do it. It's only money. 
Posted on 7/16/14 at 6:24 pm to thelsutigers
Looks good. Good luck with your purchase.
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