$2500 a month for life
You may be saying, for life??? And that's entirely up to you - but yes, you could keep this duplex and earn $2500 to start, and as the permanent debt gets paid down (by your tenants) you will earn more than that. Then, when you're ready to sell and move on, you will make all your money back plus appreciation.
It may seem simplistic, but the first step was to create the design. Floor plan, bedroom and bathroom count, what you want the outside to look like.
This has been a 5 month process so far (follow my instagram or Facebook accounts for current updates). Find a reputable contractor and build the duplex.
Basic numbers on this build: $450k build, finance $350k and rent will bring in $5-6k per month. When you subtract the loan payment I'll have a min. of $2,500 each month.
DIY Investors
Listening to podcasts and reading books only gets you so far! Believe me, I know. I had to jump in and take action. Contact me if you would like to take your first step towards becoming a real estate investor doing build to rent.
Amy Kunkle
Architect