Home with Apartment - Let the Property Pay Part of Your Mortgage

We had a call from one of our sellers yesterday - she asked us to lower the price on her listing from $110,000 to $104,900. She's motivated, and this is a great deal for anyone who's looking for a home in town. On a corner lot only a block from the school, this site built house has an unexpected extra - a one bedroom, one bath apartment that currently rents for $350 per month. If any of you are familiar with the rental market in Logan, you know that this rental will stay occupied. In fact, she could probably keep a waiting list if she were interested in keeping up with it. And with the tiniest of upgrades, the rent could be increased to $400. So if you purchased this home with a 15% down payment and a 6% mortgage (which is a little high, given the low rates available on 30 year mortgages), the rental would pay all but approximately $185 of your monthly mortgage payment.

And if you're a first time homebuyer, the feds will give you a tax credit of $8,500 through December 31 this year. New Mexico Mortgage Finance Authority will let you take $6,500 of that money and use it toward a down payment. With less then $10,000 out of your pocket, you could be living in this great home with most of your mortgage taken care of by your rental!

Sound like a great deal? When you consider that the home itself has endless potential - hardwood floors, a full basement with one fully finished room (and the basement has a separate entrance, so it could conceivably be a separate rental with some work), lots of open space. And finally, a fully motivated seller who will certainly deal on the price!

Call us. This house is a great deal and someone should take advantage of it before it gets away.