Attention 1st time homebuyers! Have you thought of the benefits of buying a duplex?

By
Real Estate Agent with RE/MAX House of Brokers

I recently listed a couple of duplexes and have really been thinking about what a great deal and investment they would be for a first time home buyer to live in. Take the one pictured for example, it is in a pooled subdivision and each side offers almost 1400 sq-ft, 3 bedrooms 2 bathrooms, a large yard and a 2 car garage. This one is listed at $169,895. If you plan on occupying one side you can get an FHA for 96.5% of the purchase price. Figuring a 5.65% interest rate the total payment including taxes and insurance would be about $1234.50. If you subtract the rent from your tenant of $675 per month then your total payment is only $559.50. You would have to spend $75,000 or less to get an equivalent payment on a single family residence and you wouldn't be able to find anything comparable to for under $110,000. On top of that you still qualify for the full $8000.00 tax rebate after closing. You might think you wouldn't be able to get qualified for that much but the bank counts the rent you are receiving to offset your payment. It is a pretty great deal and something I'm sure not very many people think about.

 

Duplex listing in Nixa, mo

 

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Topic:
Home Buying
Location:
Missouri Christian County Nixa
Tags:
duplex for sale
investment opportunity
first time homebuyer
8000 tax credit
nixa duplex for sale

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Rainmaker
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Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Wow Jamie, this sounds like a fantastic opportunity! An astute Buyer should be all over this! No luck required for you on this one! 

Jul 07, 2009 01:09 PM #1
Rainer
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Jami Van Den Bogaert
RE/MAX House of Brokers - Springfield, MO

Al and Peggy- I just put it under contract today. I have one more to get sold for them at $164,895.00. I will probably write a similar post on it. Thanks for reading.

Jul 07, 2009 04:10 PM #2
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Rainer
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Jami Van Den Bogaert

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