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Updated about 14 years ago,
First REO deal for duplex - questions ? Please help.
I am new to REO investing. My offer was accepted by the bank for a duplex of 2 units. It is valued at $210K by the city tax dept. My offer was 152K. It was listed for 170K. It needs 10K rehab work to make it perfect. I am closing the deal soon. Inspector found some mold in the attic plywood under the roof. It needs another $1500.00 to fix the mold. Two units can be rented for $725 each.
Questions to REO experts and Gurus
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1.How is this REO transaction ? Will it make some cash flow in this price ? I am planning to hold it and rent it.
2.Mold issue - Is it a big deal to fix? Should I be worried about it too much? Can I ask the bank to fix it ? it is a Fannie mae owned house.
3.Should i do a land Survey before closing?
any other suggestions ?