All Forum Posts by: Barbara G.

So you lost the Duplex.  Well don't be discouraged I am sure you learned a lot and will put it to good use.  

You said "$3,500 - Monthly Rent (both units if I was not living in one)"  When you buy a Duplex and are living on one side I would certainly figure that I should factor in a rent for the side I am using. After ll you are paying rent where you are now.  Figure At least as much rent as you are paying at your current location. You should have take taken the $1,500 side for your self if you bought this duplex 

 You will be getting tax loss benefits from the side you are renting out so consider that as a plus.  If money is a problem for you then I would look for a less expensive Duplex purchase in the future.  

As someone pointed out I can not see where anyone would want a managment  Company for  a Duplex.  So the $4,080 Managment fee should be eliminated as you are right there and would know 10 X's more then any managment company as to what is going on in your duplex

"$4,080 - Management 10%" 

So take this "loss" as a Positive learning experience.  Its worth its weight in gold.  Decide what was good about it and what was a negative.  Think of it as an important educational tool.    Now you have something to measure your next Duplex against.   Figure out a way not to lose the next Duplex that you are considering.

Well here we are closing today on our First BRRRR.   We got it for $72,000 and it needs approx $25,000 worth of renovation and we think it will rent for $950.00 for each 2 bedroom i bath and garage.  This is our 3rd duplex and investment property.  We bought our first 2 duplexes  14 months ago.

The house looks great on the outside but all kinds of stuff wrong on the inside.  There is water coming in that looks like its from the clogged gutters and the pitch of the house.  In the back the earth is pitched toward the house  so we will have to get a machine in there and change the pitch away from the back  away from the house.  It will also need a drain back there.  The gutters have to be cleanned.  We are hiring a contractor we know that is sort of expensive but fast and really knows what  he is doing and can follow directions and make informed decisions.

The garage ceiling is falling down because of the water and the Garage  will need a new ceiling.  We will assess the damage tomorrow.  We are giving this 2 months to renovate it and rent it.  God willing

It really sounds like you know what you are doing.  What is the age of this house?  We try to concentrate on newer houses.  We have evolved to the BRRRR on our newest purchase.  We are closing today on a duplex that needs at least $25,000 in renovation and although it will cash flow nicely will not appraise for more then $125,000 if we are lucky. 

This house that you are working on is your 2nd house this year?  You already have completed one in New Britian? that you are waiting on refinancing and this one?  I am interested in seeing you get the Refinancing on the New Britain one and wondering if you will be keeping that one in New Britain?  Is it a Buy and hold?

When you take down this bedroom wall in this duplex  do you need a supporting beam?

Bg

Its the bank you should be talking to.  Ask them what might work for you?  My bank only gives 70% of appraised value.

Nick shouldn't  you first find a property you are interested in?  Do you need this agent right now?  Are you in a position to buy a multi family and live in it in order to get a 3 1/2% down payment?  How much will your brother lend you?  Have you found a property?  How much interet is your btother charging?

Are you considering a BRRRR  (Buy, Renovate, Rent, Refinance,  Repeat) 

Have you joined a local Real Estate club and a Local real estate meet up group?

BG

Christopher  is this a duplex?   Aren't you interested  in multi properties?  Is this in aprox price range you want?   Are you looking at properties that if the numbers work you would want to buy? Does Zillow say anything about the rent.  Does Zillow campare it? 

Tell us the details of something that looks like is the right ptice range and the right type and THEN investigate only something that passes your sniff test and tell us which ones you want to know more about

OK Hermilio

Today is Monday.  What are you going to do today  Everyday you haaave to take a step forward.

Call up a Real Estate club and ask if you can be a guest at their next meeting while you deciede if you want to join.

Think about getting a room msste for yourself in your firt house hcking purchase

Look at Zillow.

Call up an agent snd see if they have something for you after you have tried to locate something for yourself on the internet.  Start anyalizing a propery to buy.  Count your money, and look at your credit cards and apply for a better credit card.

Keep us informed about your daily progress forward

BG

We are thinking about section 8 for a duplex we are rehabbing.  We have no poblems with inspections because everything is new and upgraded and according to code.  We just want clean and neat tenants.  Section 8 is paying 1,010 and we were thinking $900 because it is almost a C+ town.  Its only a 2 bedroom so we don't want 1 person on the lease and 5 moving in.  I guess we are nervous about section 8 and want our property kept up because we are putting a lot of money in it.  We also have 2 private garages.  Anyone have any idea how garages factor into section 8?

• Hi Michael
• So this is the wind up.  How long has this taken?  I am looking forward to seeing your Kitchen and the appliances.  We have to do 2 Kitchens in one of the houses we have a contract on.
• Why are you opening the master bedroom wall??  
• We are still having trouble finishing up with a bank that we have been negotiting a conventional mortgage with.  All they do is ask for more and more docuumenttion along with asking for 30% down.  We can not wait to get away from them.
• Remodel kitchen on the 1st floor: additional cabinets, countertops, backsplash, & appliances
• Open master bedroom wall
• interior paint
• install flooring in master bedroom and living room
• install new bathroom vanity
• bg

Everybody has given you good advise.  The bottom line is just do something. You're a young man so consider buying and living in a duplex with a FHA 3 1/2% Down payment. It's a win win approach. Join a Real Estate Club, Join a Meet Up Real estate group. Talk to a realtor, Use Bigger Pockets. Look at listings. Look at Zillow

bg