Posted by rei_wi on October 07, 2003 at 15:59:54:
Thanks Art! I am scheduling to see the property later this week. I will take some pictures and send them your way. Your help is GREATLY APPRECIATED!
Duplex with Repairs - Posted by rei_wi
Posted by rei_wi on October 02, 2003 at 12:29:22:
I recently found a duplex that appears to potentially be a deal. This would be my first deal. The owner is asking $99,000 and I figure it would rent for about $1,000 a month ($500 each side). If I financed the entire amount through a conventional loan and a home equity loan, I figure I would net about $200 a month after all expenses such as vacancy, repairs and maintenance, taxes and insurance. I have spoken with the realtor and it does need some repairs. The realtor says the house is 100 years old, needs some drywall work, some cosmetics and the support in the basement should be replaced. The supports in the basement is what scares me. Should this scare me? How much would this cost? I would plan on making an offer for the purchase price less the estimated cost of repairs. Thanks in advance to all responses!!!
Re: Duplex with Repairs - Posted by Ryan
Posted by Ryan on October 02, 2003 at 13:01:00:
Structural problems are something I usually stay away from because they can be very expensive to fix. You never try to estimate the cost to repair unless you are certified contractor that has done such work. My best advice to you is to get the repair work bidded by a couple of contractors and know exactly what it is going to cost to fix.
If it were investing in it I would want the seller to pay for the repair so I would have the funds escrowed at closing so you can have it repaired once you own it. It would be best to have it fixed before you buy it but that may be difficult to workout with the seller.
Re: Duplex with Repairs - Posted by art c
Posted by art c on October 02, 2003 at 18:59:35:
I have been a builder for thirty years. Supports in a basement can be one of the easiest items to fix on a house. Are you talking vertical or horizontal units?
Send digital picture or a drawing of existing if possible. It may be a cinch. Picture necessary to judge