Two Duplexes for Nothing Down

The closing date for my first deal will be in two weeks. I purchased two duplexes on the same deed for $124,900. I am getting a second mortgage on the house I live in for the down payment and closing costs and first mortgage and second mortgages on the duplexes.

The payments will be about $1,500/month. The rents total $2100/month, leaving me with $600/month cash flow before expenses. I am closing on the third day of the month, so that means I will receive that month’s rent plus the last month’s rent.

So to put it all together, I am receiving $600 per month plus about $4,000 at closing, with no money out of my pocket. I still can’t believe it’s TRUE!

The agent I am working with told me if I could get the duplexes on to two separate deeds, they would probably be worth $80,000 each. This is something I will look into. Thanks for the excellent motivation.

By CREOnline Contributor

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