Looking for Mortgage lender to close duplex deal

[Patrick W.]

Hey Guys.

I am looking for a mortgage lender who can close a duplex deal for me. I currently live in Houston Texas and my father has a Duplex in Wilmington, Delaware that he is willing to sell to me. The listing price would be 90,000. I will be putting down 20% which leave the mortgage amount to be 72K. Please contact me if you can close the deal quickly.

Thank you

[James Masotti]

@Patrick W. - Where in Wilmington is this house? $90k sounds a bit high to me (for an investor price) for most of the areas in the city. Retail pricing will be from 90k-130k...everyone invests differently but double check the numbers on it. Also, check the tax records to see if it is zone as 26R-3. If it is you'll want to find out if it is occupied. If it is you're in luck, but if it's not then you need to make sure that it's not on the cities vacant property list. If it has been on the list for 12 months you'll need to go to the city planning board to have the non-conforming use re-approved and the city has a big push to convert back to single families. I know a number of investors have gotten hosed by the planning board requiring them to convert a multifamily building back to single family. 

Just because it's coming from  your father doesn't mean you should skip out on knowing your due diligence as a new owner. 

Good luck!