All Forum Posts by: Fred Watson

Thank you for the response Theresa! Your comment actually made me think of another question. Is there a particular color or style of siding and trim that would make the property look really good?

I just bought a duplex that I plan on renovating then refinancing. The two main renovation issues are replacing the siding & trim, and replacing the windows. I only have money for new siding and trim, or new windows. The contractor’s estimate is too high to do both. Let’s say both are in the same condition, which one would be better to do first to increase the value? Which one would also be better for curb appeal? Any advice would be extremely helpful. Thanks

That strategy makes a lot of sense. Thanks for the advice!

Thanks, I appreciate the advice.

Yep, that’s right. From the appraisal, it also seems like it’s valued at $42,000 right now, before renovations. Do you have any ideas to purchase it?

Thanks for the idea!

I’m currently in the process of possibly purchasing a duplex in the Memphis area and I was seeking some much needed advice. These are the details about the purchase:

The seller is asking for the duplex is $19,000, (He came down from $25,000), and the inspection came back pretty good with no major issues.

It is fully occupied for $761 total rent and the tenants pay for everything, utilities, water, sewer, etc.

I was originally going to get a loan on the property. The appraiser stated the value to be around $42,000, however he stated that it needed about $20,000 to get it to FAIR condition, so my lender could not loan on it. The majority of the repairs were new siding and trim, and new windows throughout. 
I only have about $12,000 to buy it outright, but I have a business credit that I could cover the other $7,000. However, I would still need money for repairs.
It seems like a good deal based on the appraised value, howeve I’m not sure how to make it financially work. Does anyone have any strategies or ideas for me to make this deal work in my favor, or should I just leave it alone. Any HELP would be much appreciated!

It has a brand new roof and water heater. So, you wouldn’t even recommend maybe wholesaling or buying a cheaper single family?

I understand what you’re saying, however if I just wait to save enough money for another big down payment, that could be 10 years before I can acquire another property. There must be some creative strategies that others have employed to acquire more units at a quicker pace.

As a semi newbie, I’m currently looking for advice on what would be my next best strategy to scale my real estate portfolio. This is my current situation:

I recently purchased a duplex for $117,000 and put in $30,000 as a down payment. The property cash flows about $250/mo, but the down payment took most of my money. I really want to continue my momentum and scale my number of units as quickly as possible, however I’m unsure how to do it at this point. I have about $10,000. What should I do to continue to scale and acquire more doors? Any help someone could give me would be very much appreciated!