Sold $650,000 - Duplex
If you are looking to jump into the Real Estate market for the first time, here’s an idea: buy this duplex, live in one unit and rent the other.
You would have a decently sized living space (900 sq ft,) in a great location, walking distance to Hillhurst, a great back yard, and lots of parking. Then with the rental income from the other unit, defray your mortgage by about $2,000! That means if you put 20% down, you end up spending only $1400/mo for your home (!) after the rental income, and that includes property tax and insurance. Better yet, it doesn’t factor in the tax savings on your monthly mortgage payments, which is considerable.
Or…here’s another option. Buy it for $650K, merge both units into a 1700 sq ft 3 bed 2 bath single family residence, spend $50-100K to merge it and make it beautiful, and end up with a $900,000 home in Los Feliz.
You win either way!
Let me know if you want some help with this one.
