All Forum Posts by: Oliver Luz

I just bought a duplex in Richmond and the unit upstairs needs a/c units. Should I get them for every window? Do I buy the units personally? Or should I just call an A/C guy?

@Will C.

Thank you for your response.

The upstairs unit has 3 bedrooms plus a bonus room while the bottom unit has 3 bedrooms. 

The property seems to have some equity built into already and I am also thinking of adding a closet to that bonus room and also renovating the entire kitchen, adding new washer/dryer and painting the entire place by the time I am ready to refinance. Do you have any other recommendations on where I could add value?

I am also looking to add some window units. I was looking to see how to go about that.

I just closed on a duplex in Richmond, VA. It is in pretty good shape and I had my friend do some showings right after closing. I live in Florida but grew up in Northern VA so I know Richmond a bit. I got it for 190k and it appraised for 220k. I put 46k down and had one tenant paying $800 and the other unit was empty. My friend who showed the property that weekend after closing happened to know someone who came to see the unit. He paid an application fee and my friend vouched for him so I agreed to rent it to him for $1100. He and his 2 other roommates sent me the $1100 deposit and their proof of income. So now monthly I collect $1100 for the unit upstairs and $780 for the unit downstairs. I am planning on refinancing in 6 months to a year... Is this possible? Cash out refinance? or even just to get rid of this ARM mortgage...?

My other question is regarding the A/C units. Apparently the upstairs does not have any and is need of them. I have never actually seen the property so I am just going by what I was told by Realtor and other friend who showed the property told me. Who do I contact to get this done? How much does it usually cost? Also if there is anything else I should be doing throughout this initial period after closing on the duplex please let me know.