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Updated about 6 years ago, 10/22/2018

User Stats

118
Posts
54
Votes
Kevin Sack
  • Rental Property Investor
  • Clovis, NM
54
Votes |
118
Posts

Help me on my first deal!

Kevin Sack
  • Rental Property Investor
  • Clovis, NM
Posted

Long Distance REI brick duplex built 1942. One side occupied @700/mo, one vacant. Seller listed at 90k, seller countered back with 80k after an initial offer of 72k. Comps in the area are anywhere from 45k-135k depending on interior condition. I have no pictures of interior or inspection yet (REA is setting up a viewing) so I'm hesitant to accept the 80k offer. I'm estimating about 10k in rehab for new flooring, paint, etc and adding W/D to the rent. I ran the numbers at 700/mo but should be able to get 800 with W/D and rehabbed interior. BRRRR might be a little more difficult on this one since one unit is occupied and I don't particularly want to get rid of an established tenant. Another option I have is private money with no fees at 6% with zero down until the refi is complete. Any advice is welcome!

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