Another home run deal pulled off in Austin...
Fellow BP's risk does equal reward even in Austin Texas area. Duplex had been on the market for almost a year. Huge issues including foundation, mold etc. I showed this property to several investors and they all balked. It seemed like the entire market balked. I decided to buy it. I brought in an experienced partner and a very good friend that saw the same opportunities as me. I just finished the reconstruction process. It was a very hands on experience that was fraught with disaster at every turn, so it seemed. Spent many a sleepless night thinking about all the possibilities and working through it. Went hard money because no lender wanted to touch it. Got one side leased out. Moved into the better side. Got a room mate and took the best room. My room has downtown views. Upon refinancing holding costs will be very little . Its a long term play as the long term appreciation has been very good. The duplex across the street was sold as condos for $635k and $595k. Our cost was cumulatively $450k roughly. Equity approximately will be a bunch. Not bad and well worth all the stress.