Sold $498,000 - Duplex
I’ve mentioned it before but it bears repeating—for people who are getting into the real estate market for the first time, a duplex can be a great way to go. This is particuarly true if you can find a duplex that nicely lends itself to having you (the buyer) live in one unit and rent the other. It is an excellent way to start both your “home-owning” career as well as your real estate investing career. I have had several clients do this to excellent result.
This Mt. Washington property is an excellent example. As a single person or a couple, you could happily live in the larger unit and rent the smaller one for about $1600/mo. Assuming you put 20% down ($100,000) you will end up—after your monthly mortgage payment, property tax and insurance—at about $900/mo out of pocket. You will have a great place to live, and an income property that will do nothing but appreciate over time, and be there for you to make great positive cash flow in the future.
If you are interested in this property or want to know more about how to do the above, call me anytime.
