Evaluating my first deal

[Rhonda Norman]

Hello everyone,

Today my husband and I are looking at a Duplex to live in and rent. The asking price is $55,000 which is negotiable. The resale value would be around $150K per unit. I'm nervous because I don't know what I should be looking for as this will be our first investment property.  I know that the interior has been striped down to studs which might indicate water damage and possible mold remediation.

What should I look for? How do I evaluate the property for repairs, when would I contact a hard money lender, how much time should I estimate for the rehab? What are the possible pit falls of this type of investment. 

Please help. Any advice would be greatly appreciated.

Rhonda

[Will Barnard]

There are two choices here, do nothing and let it go, or jump in and learn. Just because you don't have experience does not mean you could not partner with someone who does or refer the lead and get paid something. Not sure about the numbers but it sounds like there is a great spread here.