Simpson, WV · Member since 2018 · 2 posts · 0 votes
Hello all,
I've been looking into RE investing for awhile and am thinking about taking the leap into my first home. I found a house in a college town for 25k. It is a 4 bed 2 bath house built in 1900 ish and nothing seems to be wrong with it. Is this sketchy? Is it worth looking into?
Architecture drafter · Kansas city, MO · Member since 2018 · 59 posts · 24 votes
8y
I am still new at investing also, But I am last weeks of closing on my first deal near a college where I live. I plan on living in the basement and renting out the 3 bedrooms upstairs. It was built in early 1900's also. Look around that area and see other prices and how close they resemble it. Before I got into contract with my deal I talked to the neighbors around the area and drove by the property before contacting an agent to walk me through it. Questions to me that matter the most I will ask more upfront is How old are the essential units in the property: roof, A/C, Furnace. and what recent maintenance has been done. One thing to watch out for is the basements in houses that old and foundation. Hope that helped. During inspection and appraisal you will get more information, but its better to get as much information out of it before getting in contract. and see what was the last sale price.