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Updated over 7 years ago, 08/14/2017

User Stats

24
Posts
11
Votes
Ida Saidkariev
  • Los Angeles, CA
11
Votes |
24
Posts

1st buy, and not so sure if I should just go for it

Ida Saidkariev
  • Los Angeles, CA
Posted

Soooo...I found this fixer upper property on MLS , it has been there for 3days so far. Its listed as duplex, but it has four units rented out . Looks like needs exterior paint maybe more, no due diligence allowed till offer excepted. Numbers: selling for 80K cash only, houses around in ok condition are about 100k. Each unit rented out for $ 600 /each x 4= 2400/m. My financial situation: I have big cc loans 0% apr till 11/17. To buy this property I would get hard loan and then re-finance . I have read a lot, listened to podcasts, books, webinars..i think i am ready, everybody says to just go for it. Should I just go for it or am I getting myself over my head? How long does the whole process usually take? Or maybe I should just buy and not rehab while tenants are there and then slow rehab as they move out and new ones come? Would really appreciate your 2cents!

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