All Forum Posts by: Beth Matherne

Hey everyone,

We are looking to submit an offer on a home that has a duplex included on the property. The bank seems to think this will be an issue with finding comparable homes for the appraisal.

How do you go about finding comparable homes or has anyone else had this issue?

@Jay Hinrichs

Thank you!

@Jay Hinrichs we have the money for the down payment but at asking price that would deplete a very large portion of our savings so our concern would be in the event of a repair would be able to cover it if it happened immediately.

We had talked about owner finance but we have never done that either do you have advice? The listing is with a relator, would we still contact her or be better off getting the owners name on our own to contact privately?

*Sorry it should say owner finance at the bottom*

I’ve never used a private lender or partnered with anyone. We have used cash and a commercial loan so far. This time we would like to see about a private lender if that were possible but I have no idea how to even start.

We are in South Louisiana ,

Looking at a 12 unit apartment building

5 acres of land (room to expand or improve amenities)

All 3bd 1.5bath. 100% occupancies

Rent 1,000.00

Owners pays sewage, lawn care, water

Asking 799,000 it’s been listed for 400 days.

Who has experience with own finance and could give me some advice on that has well. thanks everyone!

@Bryan Blankenship he has completely let the building go. His rents are far below what they should be for the area and it’s due to his negligence. We went into one apartment there was a clear water leak and he blew it off. Didn’t even bother to get a bucket or a towel.

It’s near a university and in a near area but he has failed to keep up the building.

@Jaysen Medhurst yep I’ll add some more information in a bit.

It’s 10 units 2 bed 1 bath. There is a nice yard with one table and grill we plan to add another picnic table and grill. Speed bumps to the entrance. Update the fence and add a security camera.

@Karl B. He had the coin laundry set at 1.50 per load what’s the going rate?

I felt bad for these tenants this guy no longer cares and it’s obvious.

@Bryan Blankenship we just got back the owner lacked loads of answers and you could tell he didn’t care about this at all!

@Charles Carillo

We have our own PM, she is wonderful so we will go over it with her again. When our agent called to tell us that the listing agent wasn’t coming but the PM who is also the seller I thought well this odd but okay.

The listing agent never turned in the rent roll or any other documents we’ve asked for it’s been a week. Which leads me to have many many questions for the PM/seller.