Posted by phil fernandez on October 27, 2000 at 19:14:17:
Welcome aboard. This is the best site on the net for real estate investing. How do I know. I’ve been here for four years.
Now to your question. I do not understand the $175 fee. Doesn’t your broker get a commission if you buy the property. I have never heard of this $175 fee. You mention the fee is for his trouble. Perhaps you should charge him a $175 fee for your trouble.
Getting back to your story. If you are planning to live in one side of the duplex, I think that’s great. Where else can you buy a property and have your tenant pay for you living in the other unit. Been preaching this for years.
Just make sure you review all of your numbers, taxes, utilities, rubbish, lawn care and up here snow removal plus a management fee and reservers for replacement. If the deal still makes sense to you go for it.