The property located at 5131 W Louisville is a great value for the owner that occupies one side and rents the other. With interest rates at 5.5% now is the time to buy. If you can come up with $10,000 for a down payment for a purchase of $195,000 you would be financing $185,000. $185,000 at 5.5% would be a payment of $1,050 per month with taxes and Insurance of $248 each month. You would have a payment of $1298.
If you live in the larger side and rent out the smaller side you would have an income of $750 and your portion of the payment would be $548. The larger side of this duplex is 2500 square feet finished. If you look at a home that is 2500 square feet you would be looking at a purchase price over $250,000 and a payment of over $1,575 each month. This would be the same size for $1,000 less every month. You could live in style and still have money for your children’s college fund.
If you have a small family or just getting started you could live in the smaller side and rent out the larger side. You would have an income of $875 and your portion of the payment would be $423. Where can you find a 3 bedroom 2 bathroom 1500 square foot apartment for $423 per month.
Each month that you own this property you will be gaining equity. The amount that you have paid for plus the amount that the property goes up in value. In a few years the rent will increase so your portion of the payment will become less and the property will be more valuable so when you sell you will sell for $10,000 to $50,000 more than you paid for the property in as few as 5 years.
There are not many ways that you can make money while you sleep but here is your oppertuinty.