Updated almost 6 years ago on . Most recent reply
New Investor From Lima, Ohio
Hello BP friends,
I am a new investor and currently under contract to purchase a Duplex. I have been saving for the last 3 years to purchase a rental property and found this duplex about 3 miles where I live. Although I came up a little bit short on funds I was able to get a HELOC to pay for the duplex. Here are the items that I have done so far. I've seen both units, put earnest money, secure the HELOC, and have the home inspection done yesterday. Even though I've been lurking on BP for a few months and decided to get a Pro Membership to use some of the tools that it offers. I'm still concern on a number of things. Since I'm not using a conventional loan, should I get an appraisal? I am also inheriting tenants since both units are occupied. I ask for statements, rent roll and lease agreement. So far the only thing that I got from them is the lease contract with hand written(more of a scribble) of what the tenants pay. But anyways, this is my current situation and I would love to here all of BP members expert advice.
Thanks in advance and I am looking forward to learn more from all you.