All Forum Posts by: Tyler M.

@Alex Deacon, thank you for the advice. I had a company come in and give me a quote to repair the wall (do basement/concrete work) stated it would cost 15K to do all the work (dig out, install drain tile,  jack house, straighten wall, coat outside etc.) Sellers are bringing in a structural engineer to look at the foundation now. We are basically thinking we are going to back out of the purchase at this point. 

My wife and I just put an offer on a home. We had the inspection Saturday which revealed the land has a negative grade which needs to be corrected and having using and drain tile put in place (according to the inspector).  The front porch is also in need of being replaced or repaired due to being deemed unsafe. The biggest concern to me is the foundation. The inspector noted one basement wall bowing inward due to soil pressure because of the poor drainage and there are some cracks. I have put calls out to contractors and had one be a no show last night for us.  Just looking for some input from you all that buy all the time. We have until Thursday to back out, (according to our realtor). 

My gut is telling me the drainage and foundation will be an expensive fix but I really am unsure. Attached are some pictures. 

Thanks for those questions those are exactly what I needed to ask myself. 

Finding a duplex that we are willing to live in could be a slight challenge but if we stay in certain neighborhoods it shouldn't be impossible. We may have to compromise. This same concept goes right along with finding a preferred type of tenant, in my observation certain locations near me draw a certain type of tenant that I would prefer to not rent to. Sticking to areas with more desirable school systems should help avoid this. As far as cash flow is concerned I think I could cover PITI with one unit rented out depending on the price point of the home. This would be ideal obviously. The other unit would then be extra cash to cover repairs of the home and income for myself.

Thanks for the responses. It is helping me think through this. I am seeing a realtor this week to see a single family home. Maybe I will bounce this off him to get his input on the different areas. 

In my area that are alot of duplexes avaliable for reasonable prices. One can find a larger duplex for a less expensive price of a comparable or smaller single family homes. We currently live in the country so moving more into the city or suburb would be a change but I think in the long wrong it would economically sound, especially once I can move out and rent out the entire house.   Is is advisable to get a property management company? I am not terribly handy (with carpentry, plumbing etc.) but I could find people who would be able to help fix issues I believe. 

As far as renting out the other unit is there a good place to find standard contract to draw up or is it something I should involve a attorney with. I have read you can do credit checks on your tenants etc...

This is all brand new to us and we are just trying to get a glimpse into the world of living in a duplex. I also work odd shifts which would require my wife to be home alone at night in the duplex which she is apprehensive about. 

My wife and I are looking at getting our first home together. We plan to live in the home until we can save up to build a modular home. We would most likely rent our first home out after we moved. We were originally thinking of doing a single family but have pondered the idea of getting a duplex and doing a live in rental with a FHA loan. It would be a big learning curve due to being our first home and being landlords simutaneously.

Does anyone have any insight on the matter. 

I foudn the tenant screening guide I want to take a look at.