Buying a duplex with no money down - Posted by SusanL.–FL
Posted by SusanL.–FL on April 26, 2000 at 14:10:18:
The first no-money down deal I did was also on a duplex?AND we walked away from the closing table with $900!
I offered ?no money down? and in AS IS condition. Seller liked that a lot. Let him off the hook for any repairs.
When you are ?talking turkey? with your seller, put him in the right frame of mind by stressing the positive points: immediate closing, no more landlord headaches for him, no more property taxes to pay, a positive monthly $cash-flow$, etc.
Since there was loan against the property I bought, the seller did a wrap-around mortgage and we were able to close in record time.
DO have a title search done. This will reveal any encumbrances/liens against the property.
DO request (in writing) that all security deposits be turned over to you at closing. If you don?t ask for it, you may not get it. (Like the ?ole saying goes: If ya snooze; ya lose?
DO review the other tenants? payment history. If they are bad apples, you may want them off the property BEFORE you close. One less headache to worry about later.
Line up a real estate lawyer for yourself. Have them review the paperwork before you sign anything.
If you have any questions (even during your negotiations with the seller), CREON is the place to ask them. There is always someone here to help walk you through any given situation.
Good luck!! Now GO BUY YOURSELF A DUPLEX!!
P.S. After you close, find out when and where you are supposed to sign up for your ?homestead exemption?.