New Investor Looking for Advise
Good morning,
I found a duplex in the West End of Atlanta, GA asking price $150k. ARV $210k. One unit is already rented at $850 a month. The home directly behind it appear to be abandon. I have access to funding and made an offer of $145k. The agent let me know they have a few other offers and asked that we come back with highest offer by Sunday. As a new investor, I'm not sure what to do.
I don't know if I am ready to be a landlord but I am eager to get my first deal done.
Anyone have any suggestions?
Most Popular Reply
Listen to the numbers. What's the most you could pay while still having a healthy margin for executing your strategy? ARV indicates you're looking at a flip. So what do the numbers tell you? It's already looking a little skinny (to me) if the property is going to need any moderate to significant amount of work.
Don't overpay. There are WAY more properties out there. You've already achieved an important milestone, you put out an offer!