All Forum Posts by: Andrew P.

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Trying to get a feel on this residential converted Triplex. 

I'm under contract on my first deal.  A backdoor duplex (not zoned as a duplex) in a hot market.  It was built in 1978 and I knew it would need around $20k-$25k or so of work.  Under contract for $180k and rent is around $1000/mo per side.  The seller negotiated but made it clear that this was an as-is contract with a due diligence clause.  My inspector was in the crawlspace and noted no vapor barrier or insulation under the house.  It was damp down there with some surface mold and random plants growing.  This is probably another $10k-$15k to remedy.  Also they said the whole house was PEX piping but one side is still polybutelene.  With that said I want to go back and renegotiate as there are more issues than expected.  What is the best way to do this and be successful?  

Hi all, thanks for the helpful advice.  I'm definitely unemotional about it.  I put in an offer today but it was much lower than originally planned and had a few contingencies.  If they accept great, if not then on to the next one.  Thanks

I am putting in my first offer on a house rehab. The asking price is $250k and the ARV is $520k. Total repairs of around $150k. Holding costs at $20k. There is a lot of competition on this house. I am sure someone is going to make a cash offer that is attractive. Unfortunately I am not in the position to offer cash. I am going to put in an offer around $300k with no concessions but it will have an inspection clause and 7 day due diligence. Any advice? I'm very new to this so if I'm missing something major please let me know. Thanks