question - Posted by RN

Posted by David on March 25, 1999 at 08:46:53:

The price sounds good. But there are things you need to know. What is the rents in the area if the rents will support the payments and fix up (positive cash flow). What is it worth after fix up, and how much will it take to fix. you can get an appraisal of what the after fixup price is before fixup. But you need to ask yourself if you want to be a landlord? I have found that there is a different class of people that rent a duplex than rent houses. When you fix it up you can refinance for the after appraisal price. Or you could flip the contract to another invester.
I hope that answers some of your questions.

Good Luck!


question - Posted by RN

Posted by RN on March 24, 1999 at 19:56:37:

I have a potential investment property, it’s a 2 duplex unit. The asking price is $30,000. I am new to this whole investment thing, i want to purchase one unit and grow from there. I am trying to pay off a college debt of 50,000. Am i thinking realistically? and the above unit needs work, is there any way i can include a “fix-up” clause in the bid? and i would appreciate any more advice anyone can give to me on whether i should even venture any further…