Buying property in Missouri.

[Manley Woods]

I’m in the process of purchasing a duplex in Columbia Missouri (zip code 65202). It needs a decent amount of work, and I’m buying the property as is. Both units are occupied, and there will be positive cash flow. My purchase price is $100,000 and the home inspector gave the duplex a grade between a C- and B+  and it was built in 1972. The property has not been appraised yet, but I believe I got a deal. The seller was asking for $115,000 but I stuck to my offer. Does anyone think I overpaid for the property?

[Manley Woods]

Thanks! I have a fourplex in Dallas (since 2006). It’s appreciated a lot, and it’s always been a positive cash flow property for me. The cash flow is really good now, but it seems like there is ALWAYS something that needs to be fixed so I understand your frustration. I’m learning that’s just part of being a real estate investor though. I have thought about selling it on numerous occasions, but I have decided to keep it. I want to tap some of the equity, but I have a very low interest rate (3.4%) and won’t get anything close to that with a refinance. I’ll most likely get a heloc and use the money to get another property. Enjoy the rest of your weekend and thanks again for your input.