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Another duplex in our lives

January 28th, 2010 at 06:47 am

So BB and I have found a property we are going to make an offer on. It's a 1900's Federal style duplex located 1 block from the main central park of the city.

Right now there are 3 offers on this foreclosure. We would be the 4th. So I dont have much faith in getting it. But we'll put in an offer and see what happens.

The plan right now is to leave it as a duplex with the 2 active leases. This is how haphazard we are doing this: We have not even seen the leases yet.
We know they are leases because people are living there. The real estate listing states that it collects $1600 month in rent. This would cover the mortgage, taxes, insurance and give us a $2-300 extra a month (depending on the interest rate we get).

When BB returns from baseball season in September- we will re-asses the situation and see if we have the cash saved up to convert it into a SFH. Hopefully we will- and we will renovate it in a month and move in. We will rent out the unit we are currently living in and that will almost pay the mortgage on the SFH.

I am giving BB lots of rein on this one. I remember how AWFUL it was getting a mortgage last year and BB has promised to do everything.

Truthfully- I dont think we have a chance to get it. Even if we go in full price- the comps in the city show it is listed for about $70k below what anything else is listed for. I am familiar with the property- it was listed for sale $150k over the current foreclosure price when we were looking for houses last fall.

8 Responses to “Another duplex in our lives”

  1. momcents Says:

    Keep in mind that the interest rates on mortgages that are not primary residences are usually higher, but of course you probably already know that!

  2. gamecock43 Says:

    I know. I hate that!

  3. creditcardfree Says:

    Good luck!!

  4. all4money Says:

    It looks nice! Good luck and keep us posted. Smile

  5. gamecock43 Says:

    no word yet Frown

  6. Apprentice Bliss Hunter Says:

    Very pretty house !

  7. janH Says:

    Charming place. Good luck!

  8. frugaltexan75 Says:

    It does look like a nice place. I hope it works out!

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