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Updated about 2 years ago on . Most recent reply

User Stats

157
Posts
86
Votes
Gurjot Grewal
  • New to Real Estate
  • Vancouver, British Columbia
86
Votes |
157
Posts

My first potential deal! Need some insight

Gurjot Grewal
  • New to Real Estate
  • Vancouver, British Columbia
Posted

Hello BP

Im seeking some advice on this situation. I have two investment properties im considering 

-1: duplex built 1923 3/1 a side under contract. Im a long distance investor and most homes in my market are of this age. Its been inspected and Contractors quote is about 40k (conservative number) worth of work combined both sides. Plumbing and electrical a bit outdated but in good shape. Some signs of previous leaking with the plumbing. Slight cracking in basement/foundation but no signs of shifting. Mostly deferred maintenance, and cosmetic work that needs to be done.

(Under contract for 195k, ARV 215k) Id need this under 170k for this to make sense.

-2: Duplex built 1923 a few streets down. Fully remodeled all new mechanicals. And its a 3/1.5 a side. 
(counter offered me at 228k been on market for over 120 days) 


What are some tips to go back to the seller of the first one a request such a large discount. They listed at 210 so have already come down 15k. Or would you just go for the one that work has all been done ? 

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