All Forum Posts by: Dennis Elverman

@Darren Budahn  It is the house on 57th.  I went through it and it definitely looks like a time capsule.  Not sure what problems await, but the bones look really good.  None of the woodwork was painted, the downstairs unit smelled like someone smoked two packs a day for 50 years in there, and there is a lot of personal property throughout, but it definitely seems like a good deal.  I doubt it will go for anything less than list price given the traffic that has been going through there.  

@Michael Henry  Thank you for your response.  Based on the traffic I am seeing coming through at the house today I will most likely be too slow on the trigger, but it was fun to consider for a while.  I hope to be in touch regardless.

@Michael Henry  I am not sure if it will move at this price.  There is a lot of work needed, and until I look inside with a contractor it is hard to guess how much all of the work will cost.  I know the amount of electrical work that was done at my house in the late 90s to get rid of the knob and tube was expensive, per the previous owner, and it looks like this house needs to be completely rewired just from looking at a picture of the fuse boxes.  In any event, it is on a good block in a great neighborhood, so it could make financial sense.  

Hard money loans are a little intimidating to me.  I don't like to get over leveraged (working in creditor-debtor law and seeing people ruin their finances for decades will give you that perspective).  

Hi all,

I am an attorney and duplex owner that is on the hunt for my next multifamily. My current duplex is a 2/2 duplex that was purchased two years ago using an FHA loan, before I got married, and my now wife and I are expecting our first child. My house hunt so far has been focused on using another FHA loan since my family has expanded to get another duplex with at least one of the units having three bedrooms, and I would be able to keep my current FHA financed duplex that will cash flow easily once fully rented after we move out.

Across the street from my house is a mirror image duplex that has been unoccupied for years (I think nearly 15 years).  The family that owns it has been holding on to it and keeping it vacant waiting for the market to get better since it needs significant work.  It just came up on the market for around $70,000, is assessed at $160,000, and I am wondering if I shouldn't give it a shot.

Any recommendations for going about getting a renovation loan for the property?  I know about but am not savvy with 203k loans.  I would like to do an all-in-one deal to purchase the house and finance the reno, any suggestions?  The house likely needs a new roof, all new electrical, kitchens, siding, water heaters, furnaces/AC, floor refinishing, and substantial painting.