Looking At An Old Forclosed Duplex
i am looking at a forclosed duplex. I want to move into one side and rent the other side out. Since i have never done this before. i am pretty handy and can do alot of work for myself. But should i have someone inspect the property, i know half of the property was winterized but other half has broken pipes. the building is brick but someone has painted over them. i have noticed the paint that covers the morter around the bricks is falling off. Is this going to be a problem? Is there something i can used to properly fill in the gaps. how much of this can i use to lower the price of the duplex. the duplex is a REQ. The price to sell is 54,900. this property is in southeastern indiana.
Thanks for any and all replies. :-?
"But should i have someone inspect the property.."
Absolutely.
Have a licensed inspector do a comprehensive inspection and writeup and use that to estimate repairs.
[addsig]
Key question is how much will it rent for once fixed up? That will determine if you have a deal worth pursuing in the first place
[addsig]
I like HELOCs.
hard money lenders come in handy in certain situations. the best thing to find is private money. a wealthy individual with a self directed i.r.a. type of thing. were they can be flexible and loan on the house not your credit. these people are usually used by the experienced investor with a big track record and are never reveled to othere investors, unless they want to be. getting the funding is the hard part. i can get three deals a month but i cant fund all or sometimes any of them, especially if i have cash tied up in another deal. good luck.
deleted due to forum rules violation - advertising your business
[ Edited by NC_Yank on Date 03/10/2005 ]
just write a personal check and take the money out of your checking account. that is the easiest thing to do