Advice on buying a Duplex? LONG, PLEASE READ.

[Big7]

XGF is living in one 25 miles from me.

Owner has indicated it might be for sale.

She is on a fixed income and has two small
house dogs and one yard dog that will go with her 26-27
y/o son, (if) I can get her to show him the door.
He won't be there if I do this. Lease or rent will be hard for her because of the animals.

I'm thinking I might buy it and keep the other half
furnished for me when in town. Would be close enough
to my Mama so I can check on her.

How do you go about finding a fair market price?
Can I buy it as a single unit and then "make" it back
into a duplex? What are the up's and down's of that?

The owner has a few nice rentals and I don't want him to know I'm interested.

Later on, I might move there and either let her stay
with me (strictly platonic) and lease the other side out
to help with mortgage and taxes, or have her pay rent and me live in the other side.

It's a nice house made into a duplex. On about 2 acres.
Old Town Conyers

Looks like a 200k or so property.

What do ya'll think about buying this as an investment
and eventually a place to retire and draw some income?

I have had single unit rental twice.
Not doing any kind of renting or leasing that I'm not close enough to keep an eye on.
Just broke about even. Not interested in that.

Goals:

1) Make sure XGF has a roof.
2) Make sure I can do better than break even.
3) Offer cash, work something out with a lender
to my advantage after the sale. (I can pay cash for it)
4) Have a back up house for me, paid for when I get older.

Thanks in advance for any help from similar owners.

 

[KyDawg]

First thing you need to consider, is whether or not you want to be a landlord. You will be to go to man, for ever problem with the place. Toilet get stopped up and runs over, guess who is going to get the call. I would not do it unless I was paying cash.

 

[NE GA Pappy]

ain't no way in hades I would buy a place and rent it to a xgf. she is an x for a reason, and I would keep it that way from now on.

 

[rospaw]

ain't no way in hades I would buy a place and rent it to a xgf. she is an x for a reason, and I would keep it that way from now on.

THIS! Man speaks the truth .... (on this issue!)

They way i would look at it is:
What would each unit lease for quickly with A plus tenants?
Lets say 1000 for each side. I my book that is 200k purchase price or less on a move in ready rental that is in good shape. (i like deals) Now, my dealing has been in the Roswell area where everything is high including taxes.

 

[westcobbdog]

I sold one recently, but my Buyer was an owner occupant. Since he occupied he got an FHA loan ( 3.5% down) vs one the OP will need, an investment loan. So my comment would be I would not buy a place to house an ex GF however if you did the Duplex will still be attractive and liquid because the Buyer pool of folks who could purchase a duplex by getting an affordable FHA loan is prolly 25 to 1 over an investor if you needed to unload it.

 

[swamp hunter]

Are you going to evict her if she can't pay the rent ?
This is where this is headed right now...
Your going to put 200k into her and a place you can stay in...When your in Town..

 

[westcobbdog]

Also get a 1 yr home warranty at closing covering major mechanical systems, price is abit more than a single family home warranty, I think around $825. If one of the big items goes down you cover $75-$100 deductible but it eases the pain of replacing a furnace, water heater or condensing unit.

 

[Crakajak]

If you can pay cash you might be better off to just pay her rent and keep that money earning money for you. Like NE GA Pappy said,She is an X for a reason.

 

[Dr. Strangelove]

If you can pay cash you might be better off to just pay her rent and keep that money earning money for you. Like NE GA Pappy said,She is an X for a reason.

This. Also, the son. What's going to stop him from from moving back in as soon as you turn your back?

 

[DannyW]

Also get a 1 yr home warranty at closing covering major mechanical systems, price is abit more than a single family home warranty, I think around $825. If one of the big items goes down you cover $75-$100 deductible but it eases the pain of replacing a furnace, water heater or condensing unit.

Good advice, especially on a property that you know little about. I also have used these warranties...and in some cases they have really paid off. But be aware, and I found this out the hard way, if your 20 year old AC goes out, and it costs $5,000 for a new one or $4,999 to repair the old one, they will only pay to repair the old one instead. You won't get a brand new AC unit out of the deal.

Buying for an XGF??? Like Gomer says "fool me once, shame on you...."