All Forum Posts by: Joe Chirdon

Best of luck. I'd recommend listening to as many BP podcasts as possible. 

I enjoyed reading your success story. Thanks for the inspiration! 

Yes, It's an old house. Thanks for your advice, Christian! 

Greetings, 

After listening to many BP podcasts, I'm finally trying to do my first deal. The property I'm interested in is a "C-" property in a "C-" neighborhood.  Google map the area if you'd like. It's on Berry Hill St. Harrisburg, PA. It's a 3 unit multi-family (one one bedroom, and two efficiency apartments), with a detached garage. It is fully rented and brings in $1350/mo. On paper is smashes the 2% rule (3.3%).

The seller wanted $49.9K. I offered $34K. He countered at $41k. I accepted 41K contingent on mortgage and inspection. SO, I walked through with the home inspector today. The property has SIGNIFICANTLY more problems than I expected. Soon it will need a new furnace, water heater, and roof. It has some faulty wiring and needs a little masonry work. Also, the out-door steel stairs to reach the efficiency apartments are wobbly and rusty, and the 2nd floor balcony does not look or feel very stable. 

The home inspector estimated that it would cost 10-15k to fix these problems. Now I'm a little unsure whether this is still a good deal. 

 Should I counter with a lower offer?

Should I ask the seller to do some of the repairs himself?

Should I do a 203k FHA loan and take a hit fixing the stuff myself? AND/OR

 Should I do something else?

Please advise wise BP member,

Joe C.