All Forum Posts by: Barbara G.

We are trying to do this.  We just bought a property, a duplex, for $72,000 and it will cost approx $25,000 to rehab.  We are paying cash for it.  Our plan is to Rehab it and rent the 2 sides for $900 a side and then  ask our bank to refinance it which they said they would do at 70% of the Appraised value.  We think it will be appraised at $120,000 so 70% would give us a $84,000 mortgage and the cost should be $97.000 (72,000 + 25,000) so we will only have $13,000 cash in.  Of course that is only if it gets appraised for $120,000 and only if our renovations stay at $25,000.  Lets see how it plays out. 

We bought this 2 Family Duplex for $72,000 and estimate about $25,000 in Renovations.  We are buying it and Renovating it for cash.  We intend to get in Renovated and Rent it and then Refinance it.  We are hoping it will appraise for $120,000 and the bank will give us 70% of the appraised value. Hopefully we will get a $84,000 mortgage and we will have laid out $97,00 and we will only have $13,000 in cash in.  

After we put our 10% down we discovered new water damage from clogged gutters.  The ceiling in the garage is water damaged and needs to be replaced. That is new damage we did not have before we put our 10% down.  We need 2 new kitchens and  2 baths and floor coverings and painting.  The 2 car garage needs a seperating  wall because the last owners removed the wall and it probably needs a supporting beam where the wall was removed.

Its a 2 bedroom one bath duplex with a garage for each tenant.  Its a C town and should rent at $900 or $950 a side.  It will cash flow $10,500 it each unit rents for $900  Hopefully this will work out as planned.  Lets's see if we can do this in 2 months, renovate it and get 2 tenants and refinance it.  That means we will have to carry it for at least 2 months without income.  Let us see how close we get to this plan.

Can you get a Property Manager that is  reccomended and good?   You need to be proactive and move forward now.  Figure out what you need to do beginning with the lock smith.   You need someone on the ground for you in Atlanta.

You need to talk to a lawyer in Atlanta.  

Maybe you can invite someone in Atlanta to be yur partner and the PM and be your eyes and ears in Atlanta and do the General contracting with you on this house.  Some one of these ideas or a piece  of them will be  better then trying to ressurect this deal.  This man has gotten over on you and you have to get rid of him.

Great thread  We are also buying duplexes in Conn.  Our first 2 are in Danbury and we just put a deposit on a duplex in Waterbury.  Waterbury is a poor town.  Its a duplex.  This morning we discovered that water poured through the porch and brought a  ceiling down and damaged a kitchen that could have been rehabbed.  This will add to the cost of renovations.  Your renovations seemed to get a lot of bang for a buck.  We're not really into repainting cabinets, we alway talk ourselves into new ones.  Our purchase in Waterbury should cash flow and we are now looking for a Portfolio lender.  Where  do Conn real estate people meet up? Is there a real estate group somewhere.  If we had your energy perhaps we would do a step by step cost and rehab of our unit. Yours was so interesting.  When you own a place with common hallways, how much of the upkeep of the halls  etc cost? How much is your electric bill.  Do you have any painters in Waterbury to reccomend and where do you purchase your carpets?

I know I am not helpless but I do find my own  complaining (which is one of my jobs?) is work.  I just jumped thru hoops getting a $20.00 coffee pot replaced without charge.  I did $200.00 worth of work and time getting this $20.00 item replaced. Was it worth it??  No it was not.

So we are telling Debbie to do everything.  Throw everything including the Kitchen sink at these Scammers.  Its too hard for her, she could have a melt down any  minute.

Last night,I woke up in the middle of the night and looked at this bog and saw that @Jay said I should "run back into my rabbit hole"  I laughed so hard.  Then I realized we have taken poor Debbie's crisis and out run her with all our own agenda's.  We asked her not to take the extra $10,000 and do this and do that.  We all want her to be OK and get her money back so we will just have to wait and see if enough is enough for her to succeed

bg   

I owned a Co op once in Greenwich Village in New York and there was one old wood window in the studio apartment I owned with a broken window.  I took the window out and brought it to the hardware store where they put a piece of Plexi glass into it.

What was I thinking?  Then I brought it back down to Greenwich Village and my future tenant and I installed it.  That was a long time ago, like 20 years ago when I thought I was suppossed to do everything and no one in bussiness  was allowed to ever make any money.  I also thought time had no value. 

Thanks it would be great.  Lots of contractors here that Home Depot would be interested in.

I would love to see this in Putnam County or Westchester county in New York.  Home Depot in Putnam County seems very open to all interesting things.  They have a children's work shop once a month so i think they would really be interested.  

I guess you need a Property manager for approx 10% if yu are out of the country o a regular basis.  Your scenrio is all too hypathetial right now.  You have to be dealing with some real numbers and a real property to figure this out.  You can't just talk about something in mid air.  Find some property you are interested in, in the area you are interested in and then run the numbers.

Sounds like you really have done well.  The appreciation is great.  The rent has gone up almost 40%

What more could you want.

Keep it up.