I'm in contract for my first rental investment property. It is a duplex two blocks from my home. The duplex needs some work but is in pretty good shape. One side in currently being rented by a elderly man who has been there for 20 yrs and says he doesn't want to move till he dies. The other side is also rented by a younger family. The price of the property was only 61k and we are putting 20% down on it. The rent from one side covers all but about $75 of the entire mortgage, property tax, and insurance payments. I did use my EF to pay for the DP but it only totaled about 20% of my fund.
I'm also in a unique situation of being self employed so I have some free time each month to address any issues that may come up. I also have past carpentry experience. So most all repairs I can do myself and save money that way. I have always wanted to own investment property so I'm keeping my fingers crossed that it all works out. If it does then I may buy more properties. I don't have a LLC but do plain to look into it.
Last edited by Troyrb : 07-21-2009 at 08:34 AM.
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