Updated almost 9 years ago on . Most recent reply
Cleveland Bank Owned duplex
My first deal I'm scared!!! I just bought a duplex on auction for 18 k. Zillow estimate 66 k. I live in California I think I made emotional purchase my Mom was from Cleveland. It was take as is no inspections. I am new to BP but I ran the BRRRR with assumptions rents of 500 x 2. expenses of 630.00 Any advice would be appreciated. I have 24 hours to sign contract but questioning my decision. Thank you John
Most Popular Reply
Do I have this straight that you bought this duplex without ever having seen it, personally or anyone on your behalf?
If you did, I would call an agent or a property inspector immediately and ask them about the property and to go take a look at . I saw CA people do this around 2008, saying how could they lose on an 8k property. Unfortunately the prop in question was a tear down in east Cleveland that wouldn't have been worth 8k even if it wasn't leaning and condemned.
Some neighborhoods are worth nothing because you can't get them managed either. And based on the area and quality you might not want to even know about the person that might rent it.