Our first time analyzing a property. Help!

[Markesha Smith]

My husband and I recently found a duplex to invest in and would like someone with more experience to look things over to see if we're missing anything. To us, it looks like a great deal but it will be our first time investing and we're feeling a bit nervous about going for it. We will be using a HELOC from our primary residence to cover the down payment. One thing I noticed on Redfin in the sale history is the property was listed in April / Contingent on Inspection and did not sale then was relisted. Again in May / Contingent on Inspection and did not sale then was relisted. Is this a red flag? If so, How should we approach this... will we lose money doing another inspection or is there a way to see what was found during the previous inspections? Thanks in advance!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

[Matt Pastier]

@Markesha Smith I’m on my phone and the link won’t open for me, but here are a couple pieces of advice/opinion. The other two buyers could have exited for different reasons. I would have your realtor call the realtor of the duplex and ask if anything major was found. That way if it’s a big money issue you can decide if you still want to make an offer. As far as an inspection goes, I would absolutely get one. Not only will it help uncover anything major, but it will also provide you with a roadmap of what needs done to the property to get it ready (and safe) for tenants.