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Updated almost 4 years ago on . Most recent reply
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Buying first deal: Realtor is willing to flip property
Hello,
Been looking for my first property/home (multifamily) and my realtor came up with an idea since he also owns and flip property on the side he was thinking of buying this duplex and fix it up. He gave me 2 options:
The property current price is listed at $79900 and the seller won't budge.
Option 1: if he flips one side( the side i'll live on), replace all windows on both side and fix both of the basement and i would buy it at around 100k -110k and i will probably need to put in money on other side around 7k if i had a contractor do all the work. I plan on doing some work to reduce the amount of money i'll put into it to fix it.
Option 2: is he fully renovated both side but he planes on $129k, i will probably have to negotiate this down though since with my math it doesn't cashflow with rent being around 650-750 in the area. (i will most likely not do this since the number don't work)
I'll probably keep searching for a deal or go with option 1 since it sounds like a great opportunity to get a property finally and work on a mini flip by fixinig up the other side. Just want to see what others think for a first deal and is there anyhtign else that i might need to consider that a first time investor should look out for.