A Day in the Life of JonnyQ888

A Day in the Life of JonnyQ888

Saturday, August 26, 2006

The Latest on the Duplex

Here's an update on the duplex. I had the inspection made and there were problems with the foundation. I had an engineering firm do an estimate and the amount they came up with was $3900. I talked it over with my agent and we are renegotiating the contract and asking the seller to provide $4700 toward my closing costs and to buy points to lower my interest rate. If this goes through, the duplex will cost me just over $800 in closing costs and $1100 counting the inspection. Not to bad=)

The rent in the unit that I'm keeping the tenats in is $750/month so my portion will be a little over $400/month. Lower cost of living, lower taxable income all in a single real estate investment.

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