Gulfport, MS · Member since 2017 · 4 posts · 0 votes
I would love some votes and advice on this property. The biggest problem I keep coming across is trying to figure out the Ins. without going to a company and waiting for a quote. Thought? The first duplex is offered at $149k and in the discription, says there is a second duplex available if interested right next to it so, I'm confident I could get both for around $260 or $270k if I offered but, just for the numbers and a just in case, I put the purchase price of $290.
You need to determine the current Market Value for these properties. Use recently sold comps to decide if the asking price is reasonable. Your Offer should be what works for you. If you feel you can get them for $260K then that’s what you should Offer. Don’t give the farm away right off the bat. Why not save yourself $30K if you can. Remember it’s a process. Negotiate for the best deal you can. Use your own Realtor to help guide you.
Your analysis looks good. However, the Lender will probably require 25% Down payment since this is an investment property. This is where that extra $30K can be useful.