Here's the deal : I'm currently renting and few months ago I met local contractor when I was in middle of buying a house. I had mentioned him how I'm looking for a fixer upper. A month ago he called me and told that there's a duplex that's been empty for more than 5 yrs. They guy who owns it lives out of state who is his friend and is now planning on selling it. He took me to this property and we were able to look around but get inside. Property owner is going to be in town in a week at which time we will have access to inside.
The property needs lot of work done inside and landscape. Structurally it is in good shape and metal roof seems to be fine. We will go inside and contractor is going to give rehab estimate. In the beginning he had mentioned that I should offer him around $20k for the property but when I talked to him a week ago I was told that owner expects somewhere between $25 to $40k as it is a duplex. Again it all depends on condition of the property when we get to go in. It's a duplex with 2 bed, single bath. I don't have property details yet but I'll be gathering it this afternoon. I'm estimating ARV to be somewhere around $125 to $140. As of now I plan to buy it myself by getting mortgage when the project is done.
I have $50k that I'll be personally investing and my friend is willing to bring in what ever is necessary for rehab. If anyone here is interested to jump in, I would rather have someone from bigger pockets to invest with me, someone who has has done this kind of deal before. Since this is my first project and I don't know anything about how to get this done.
I'm meeting contractor for drinks this Friday and am writing questions that I need to ask him. What questions do you suggest.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you