First Investment Opportunity
Hello all, I've come across a duplex that needs a bit if work for around $50,000. 6 bed 3 bath. I'm researching the area to see about the neighborhood and also what places go for in that area. I would stay in this place for the 2 yr timeframe needed to use this for my next purchase. I'm unsure of how to maneuver this. I need to get approved for a loan. Already approved for a regular house loan, but duplexes seem to be very different. There is a possibility for hard money inclusion, but I wouldn't know exactly if I have true source and if you can get that type of assistance when making a long term investment or holding. I also need to find a reputable construction company that could do the work to remodel this duplex. That brought me to also think about having someone come out to actually look at the property and tell me what all needs to be done. I'm thinking $15-$20,000 in the remodel. How much do I negotiate with the construction company as well as the seller? I have a million questions. I've only been saving for a few months now. I think my savings or start up could be decent by June however, this is for sale right now. Can anyone straighten my process out as far as help me focus on the key things and maybe more research material for lenders and construction companies as well as if this even a deal to make?