Updated over 9 years ago on . Most recent reply
Possible First Deal in PA
My mom's friends sister recently passed away and she lived in a duplex and they wanna move the place quickly and for below market. She said she would sell it to me for 100K which seems like a deal. Since I have never done this. What should be my first steps? Getting it appraised, inspected, and figuring out monthly rent/expenses/cash flow? I couldn't find out much online about the property except that it is 2 bedrooms per unit which could make for some nice rental income. The estimated value online ranges from 120-160K so I know I can't trust that. I'm going to go look at it this week to see what the inside is like. Another plus is there is already a long term tenant in the bottom unit. If I purchase the property, I am most likely going to be doing seller financing with them and just pay them the mortgage monthly so I think that's why I am a little bit more confused on the process since I can't get all the info on the MLS or broker/agent. I have read all the BP books but when you actually have to do these things, it's definitely a little bit different lol. It's more of I am not sure who you call for what. I would greatly appreciate some help especially anyone in my area. The house is in Lansdowne, PA for any of you Philly/Delco people.
Thanks in advance