Hey BP nation. I have a co-worker who offered to sell me his duplex for 140k. Current rents are 1k for one side and 1050 for the other. The numbers look pretty good but he told me that the roof will need replacing in the next 2 years and one of the tenants is currently going through the eviction process (court date set in August).
What are some things you would include in the contract to offset the roof replacement and the headache that will come with evicting one of the tenants? I’m trying to limit what I pay out of pocket and we aren’t using a realtor so I not sure what I can even ask for besides 2% seller concessions...
Have him replace roof, raise the price to cover it. Of course the duplex must appraise for the higher price but it’s not a good deal if it won’t.
How good a deal is the $140k ? To me, that makes a big difference in what and how much I ask for.
@Cordero Miguel I wouldn’t negotiate for the details. What I would do is run the comps (or ask a realtor friend for help). Then use those comps to give him a fair/competitive offer. If $140 is a good number, that’s great. If it’s more or less, adjust appropriately. Come up with a good number that works for both of you.