Hey all! I'm currently remodeling a duplex. I've had under contract for 2yrs and would appreciate helpful solutions that worked for you on extending it.
Here's the back story: built in 1890, great neighborhood in old section of town near downtown. The multi family was in terrible shape except newer roof. Last updates done probably in the 50s. Previous owner didn't fix anything in the 20yrs he owned it.
I have it under contract for $39k and the zestimate is around 100k in un remodeled condition and as a single family (it was converted years ago) From my comps it looks like it will end up in the 180-220 range as it's a near total remodel.
I was hoping to have one apartment ready before contract is up as my talks with the owner lead to him offering to owner finance it to me for 6mo-yr (to give me a little more time to get my credit score up and show a payment history (currently 600) This doesn't look like it will happen.
As a contractor I've put a sweat equity and $$$ into getting this far. I've uncovered issue after issue as expected continuing to plow forward. He keeps telling me it shouldn't take this long. Wants quick fix not right fix. (After all he didn't fix anything in 20yrs)
I mentioned extending the contract. He seems hesitant for 39 since he wants out and he sees the progress.
He was worried about taking a big capital Gaines loss when we started talking. So I was thinking about offering small good faith payment (towards the 39) to get thing back on track in his mind.
I plan to finish the bottom and live there. Airbnb the upper. Use the BIRR strategy to get the next.
Thank you for reading my current saga. Any thoughts, ideas or help that's worked for you is greatly appreciated.
Ryan Schultz...signing off! 😎