I recently place a contract on a SFH for 60% of the asking price that needs new carpet and a Kitchen while another contract for a Duplex was accepted as well 60% of the asking price. Since this is my first investment home I don’t know which one to accept. Other investor told me pick the duplex rent it out and if one tenant leave the mortgage will be covered. But less work needs to be done to the SFH.
Just need a little help for a newbie investor.
Thanks
You don’t value property by a percentage of the asking price.
Read this and you will understand. And you will also know what you must post if you need someone to help you with the numbers for your first few deals.
You made offers on two different properties, and both were accepted. Your question is which one to purchase and which one to walk away from?
I agree with the suggestion to purchase the duplex, especially if you plan to live in one side and rent out the other. How much earnest money will you lose if you walk away from either property?
Why not post the numbers on these deals?
Purchase price?
Gross rents?
Rehab needed (in dollars)?
Financing terms?
Post those and we can give you a more intelligent answer.
Mike
I always like SFR over Multi… When the market turns they are cash cows…