Bank Owned/Duplex/Low Price/Needs Works
Hello,
I have just found a Duplex in Northern California, it is Bank Owned, at a Cash Flow Price. But needs alot of work, All Appliances & Fixturs, Copper plumbing, Carpet, Paint w Prep. My guess $15k to $25k for rehap costs and this still cash flows-very good.
I am throwing this out to get feed back from you, I appricate and warrant your opinions & experience.
Thanks
Ken
Those are the best kind. You can often get the bank or seller to reduce the price by 50k on a property that only needs 20k worth of repairs. Looks like it should work, duplexes/multifamily props make better rental to me anyway.
Good luck
Wow Great advice from all of you, Thank You very much.
The update is: I bought this Duplex for just under $110,000, I have spent $4,000 on plumbing, $1,350 on electrical, $400 on general clean up, $250 on fixtures, etc., a friend gave me a gas oven.
Still need to paint interior about $100(I will do), refrigerator $400 max, carpet $800.
Perhaps more to be revealed. I have a tenant & plan on moving them in January 1st.
Ken