Evaluating my first deal

[Rhonda Norman]

Hello everyone,

Today my husband and I are looking at a Duplex to live in and rent. The asking price is $55,000 which is negotiable. The resale value would be around $150K per unit. I'm nervous because I don't know what I should be looking for as this will be our first investment property.  I know that the interior has been striped down to studs which might indicate water damage and possible mold remediation.

What should I look for? How do I evaluate the property for repairs, when would I contact a hard money lender, how much time should I estimate for the rehab? What are the possible pit falls of this type of investment. 

Please help. Any advice would be greatly appreciated.

Rhonda