🔺 r/personalfinanceubigmanjonesman_·35 days ago
Buying Duplex from my Landlord.
My fiance and I are thinking about buying the duplex we reside in for $360k from our landlord as long as no large concessions. The property was assessed for $400k and Zillow also estimates $390-400k. Its been texting back and forth and met in person so far, but we have now seem to be comfortable with $360k price. We currently pay $1630 for rent, but if we buy the place, it will go up to $1900 while we rent upstairs for $1400-1500 to cover the $3300 mortgage including property tax, home insurance and mortgage insurance. Is it worth it? DETAILS: NE Minneapolis. The place is 2 bedroom 2 bath duplex with each unit having 2 additional den rooms per unit. Property also has 2 washer and dryer sets, and built in sauna and 3 car garage (which all are hard to park your car into lol) PROBLEMS: I did my due diligence and was quoted $7,200 for new asphalt parking/drive area that is needed in likely within 2 winters. The heater for the upstairs unit is very old, and could cause the people to not rent the place. I imagine another $7k to upgrade the heating. The property is very well maintained aside from these 2 problems. Is it worth it longterm to gain equity? I just feel done with renting after…