Updated over 9 years ago on . Most recent reply
Under contract. Inspection...surprise!
I could use a second opinion as we figure out how to move forward.
We are under contract with our first buy and hold duplex. We got it for 168k, ran all the numbers on evaluator and it has great cash flow potential. The house was built in 1900 and we were anticipating electrical would need updates at an estimate of 5k. Inspection and electrician today, electrician estimated that it needs 15k in work. We want to keep investing so we want to hold on to as much cash as possible for future dp.
What would you try to negotiate with the sellers?
Is there a way to finance the electrical rehab with our conventional mortgage loan?