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Updated over 4 years ago on . Most recent reply

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3
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1
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Zach Warner
  • Ocean View, De
1
Votes |
3
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First Deal Hunting! Need help jumping in

Zach Warner
  • Ocean View, De
Posted

View report

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

Hey everyone,

This is my first post on BP so take it easy on me! I am a new investor in Southern, Coastal Delaware. I am constantly looking and evaluating potential deals and thought I would ask for some input on this most recent deal I came across. 

House was just listed for $55,000 and is a Duplex. Motivated seller! Mother passed and daughter is looking to sell. One unit is "livable" and other is NOT. Roof leak compromised 2nd story floor and ceiling on first floor. 

Budgeted for $125,000 in renovation repairs and comps in the area are selling for $143/sqft with estimated rental income of $2,200/month.

The numbers look good for me but it feels like a big deal for my first to jump in to. Not to mention, I do not have a ton of cash to throw around and will be looking for creative financing to make this happen. 

Any advice is greatly appreciated!

Most Popular Reply

User Stats

200
Posts
105
Votes
David Robinson
  • Specialist
  • Huntsville, Al
105
Votes |
200
Posts
David Robinson
  • Specialist
  • Huntsville, Al
Replied

@Zach Warner Did you have a contractor do an estimate on repairs, the roof leak sounds serious. Is $125,000 the ARV or the amount of money needed to repair. Have you thought about house hacking it? Sounds like could be a good deal, you could always just go for it and learn from the process.

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