Magnolia Homes - 2 Houses, 2 Lots, One Price - $599,950! NOT ON THE MARKET!

http://www.DealsInSeattle.com Here is a unique opportunity to buy two houses on two separate lots for one low price - $599,950. This deal is not on the market yet - you are one of the first people to know about it! If you were buy these two homes separately, you would be paying $389,950 for the front house (3 large bedrooms, 2 full bathrooms, plus an office, approximately 2400+ sqft including the unfinished basement), and $239,950 for the back house (2 bedrooms, 1 bathroom, sunroom, approximately 1500 sqft including the unfinished basement). So you would be paying $630,000 for these two homes. By buying them together, you are saving $30,000! Plus in essence, you are purchasing an investment property - a duplex.

Let's Look At The Math - You will be surprised by these numbers
Let's say that you are in the market for a 3 bedroom, 2 bath house for under $400,000. You want a house because you want the buy now while the market is low, and you're sick and tired of renting and not having the privacy of owning your own home. You find the front house for sale at $389,950, and you decide to buy it using an FHA 30 year fixed loan which allows you to put just a 3.5% downpayment ($389,950 x 3.5%=$13,648.25) If you were to get a 5% interest rate, you monthly principle and interest payment would be $2020.07 per month.

Let's see what would happen if you were able to buy both homes for $599,950, still live in the front house, and rent out the back house for $1250 per month. Your 3.5% downpayment for an FHA 30 year fixed loan would now be $7350 more ($20,998.25, compared to $13,648.25), and your monthly payment would increase to $3107.94. So compared to just buying the front house for $389,950, your monthly payment increases $1087.87 for both homes. Here's the great part - you can get $1250 per month in rent for the back house! So by buying both homes, living in the front house and renting out the back house, you're actually saving money each month! HOW CRAZY IS THAT? Essentially you'd be living in the front house for just $1857.94 each month instead of $2020.07! Thank you tenants! You still have the privacy of owning your own home, but you also have a small retirement plan in place because in 30 years, if you make every payment on time, you will have these two homes paid off and you'll have the rental income of the back house coming in each month. That is a deal.

Here's another plus for buying both homes. If you ever wanted or needed to sell the back house, you can. It's already its own separate parcel of land. You can sell it anytime. The hard part of getting the lot split to separate the homes has been done. Now realize, you would lose your rental income by selling, but if you really needed the cash, it could be done.

For comparisons sake, let's look at what you could currently buy a duplex for in Magnolia. The closest thing on the market is one building with two comparably sized units in it (a 3 bed/1.5 bath unit, and 2 bed/1 bath unit). This duplex has an asking price of $675,000 ($75,000 more for only one building with a shared wall, which equals less privacy than two detached homes).

That's the deal. It will be getting put on the market within a week, so this is a short term "DealsInSeattle.com only" deal. If you are interested in seeing it, or if you have any questions about it, contact me - 206-949-3048 or Christian@DealsInSeattle.com.

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