REO Duplex Financing Options
A duplex 2 doors down from me went on the market a few weeks ago. It's currently bank owned and the asking price is $74,500. From the outside, this is one of the nicest properties on the street. I talked to the lady who used to live there (before the bank took it over) who said it needed some minor plumbing work. She said her unit was renting for $600 and the other was renting for $800. She also mentioned that it was master-metered and the property owner pays all utilities. This worries me, but I think if I can get it for around $50K it would be a good investment. Any thoughts on how the bank might react to such an offer? Is it worth pursuing? Also, does anyone have any suggestions for "creative" financing? From what I understand the new standard for loaning on investment properties is 20% down with 6 months of reserves. Just trying to get brainstorm here. Any insight would be appreciated.