How to Buy a Duplex

Step-by-Step Guide

1. 1

   Step 1: Talk to a mortgage broker or banker on how much money you will need to put down and what your payment will be per month.

     Remember to include vacancies that are typically calculated at 20%. 
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   Step 2: Find a qualified real estate agent.

   Remember to ask your agent about their experience with investment properties. ,,,  Either save up for the down payment or find a partner to help purchase the property. ,  If the property meets your expectations for rate of return make an offer to purchase the property. ,,  If the offer is not accepted be patient and make sure your investment will provide your required rate of return. ,,,,  Ensure you do credit & background checks on tenants that will be living in your property.
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   Step 3: Have your agent show you what duplex's are selling for in your area and if you want a fixer upper or a turn key property.

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   Step 4: Talk to a real estate attorney if it is wise to hold your property in a corporation

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   Step 5: or personally.

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   Step 6: Judge the approximate down payment you will need for a duplex in your area.

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   Step 7: Find your duplex and run your numbers.

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   Step 8: Wait for a reply from the seller.

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   Step 9: Offer accepted - contact your real estate attorney to review documents and provide your lender with your purchase paperwork and any other info needed.

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    Step 10: Do an inspection and make sure you do a meth test!

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    Step 11: Make sure your lender and realtor communicate so your closing happens on time.

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    Step 12: Go to closing and sign documents.

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    Step 13: Have your attorney draft rental agreements or go to such as Staples that provide a Landlord documentation kit.

Detailed Guide

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