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Updated over 2 years ago on . Most recent reply

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Zachery T Moore
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Trying to House hack!

Zachery T Moore
Posted

First time home buyer and wanting to house hack, found a great duplex for sale in a thriving little town that is off market! It’s a two story house that has been turned into a duplex, with the top half having its own entrance.  One unit is rent ready and been remodeled, the other half is livable just not remodeled. How do I go about trying to find comps with one unit being remodeled and the other not and if it’s at or below or maybe above market value on what their asking price is? Not many duplex’s in the area either that has been recently sold for comps. 

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Sasha Mohammed
  • Lender
  • Costa Mesa, CA
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Sasha Mohammed
  • Lender
  • Costa Mesa, CA
Replied

you can always hire an independent appraiser. its cheaper if you go direct through an appraiser (check yelp) as opposed to an AMC which lenders will require. its not a bad idea to spend a few hundred bucks to get some un-bias opinions while you do your due-diligence, just know that if you go with traditional financing to any degree, the lender will not use your appraiser for their purposes and require you to get another one through their AMC's.

Another avenue - realtors/ real estate salespeople should be able to get you good comps, but they will want to represent you on the purchase since that's how they get paid. i say this since you mentioned your potential deal is off-market, that leads me to believe you probably don't intend to work with an agent. 

Hope this was helpful to some degree! 

  • Sasha Mohammed
  • [email protected]
  • 949-351-1338
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