Duplex Rehab Questions***
Hello fellow BP-ers,
My wife and I recently purchased our first property, an owner-occupied duplex in Milwaukee (53210 for those of you familiar with Milwaukee).
We have grown to love our new neighborhood; very stable, many long term homeowners on the block. Next door there is an abandoned property. The owner has done absolutely nothing since we have lived here to maintain the property or get it ready to rent/sell. I found some owner info online and hope to hear back from them soon. My realtor has also tried contacting them. They are starting to rack up fines from the city per the tax assessor's website.
I am assuming the worst- that the property would need a complete rehab, walls, floors, plumbing, hvac, etc.
1) What are my financing options? Buying the property and paying for the rehab cash is not an option for us. I would rather not dip into my 401k if possible, but not 100% opposed if that is the only option. Would a conventional FHA work as long as we lived in one of the units? We would certainly be willing to live in one of the units if it makes the purchase doable.
2) Any advice on how to encourage her to sell her property? She is an out of town investor, and as a member of the community, her neglect of the property is unacceptable.
Thank you and happy investing!
Sam