All Forum Posts by: James A Spear

There is a little more to this post than I could fit in the title. 

I purchased a duplex in cash for $96,000. From market analysis I suspect the home will appraise for 125-135 conservatively. 

The rents are 1,000 and 700 ( how I negotiated the price was rent locking the lower unit for one year, stipulation from old owner).

I started as an agent in another state February of 2020, just before the pandemic. I have a solid income but want to know how to cash out refi so I am in position to purchase more properties.

I understand that I need to work with a local bank, most likely. However what loan products specifically should I be inquiring about? Also, 12.1.21 will be the first month it is fully rented.

Thank you! 

 @Lyndon Yuris

I did not end up purchasing the property. it was forclosed for 65,000 and ended up selling for 94,500 a price which I did not see was worth it for my current situation but it seems someone did. I have not seen any progress on the property even though it was purchased in October of last year.

@Lyndon Yuris Thank you for the video, great stuff!

@Jose Juarez I agree, unfortunately i cannot access the interior of the property.... yet.

@Kris Bolzniak Yes. It is a foreclosure i found out and is on the mls for 65,000 when the neighboring houses are 150-200 I bought a similar one on the same street for 145 in February but once renovations are done on this (fire damage) unit I believe it will assess at around 160-170

@Blake Cooper I work full time as an engineer so the structural issues don't bother me too much. have you had a bad experience in the past? if so how did you deal with it?

@Jeremy VanDelinder My brother is a firefighter and said the same quote about the wet stuff on the red stuff. something i forgot to mention is that this is a foreclosure and i went to look at the property yesterday and saw a note from the city stating that the duplex had been empty since May 26....... 2016. To answer your questions; 1. the city has had huge problems with squatters in vacant homes (we actually had a fire in one a few months ago that killed two squatters) so they board up all the windows and doors. There is also a sign on the front door saying it is unlawful and unsafe to enter the property. I plan on going to the building department today to try and gain access to the property. It is listed on the MLS and it is a foreclosure listed for 65,000 but i believe the bank will be happy to get rid of it for far less, considering the 3 years it has been vacant. Would you recommend a fire restoration company to work in tandem with my contractor? or let my contractor check all the boxes that the city inspector sets for us? I do not believe the project will be a restoration but more of an entire gut to the studs and most likely replacement of a lot of the studs.

I am looking at what looks like a great BRRRR property, but my real estate agents says i cannot enter the property because it has fire damage. Who should i contact in my city to discuss possibly entering the house and is it worth it? Is fire damage in a house like flood damage in a vehicle where even a little can lead to huge huge problems?

Thanks - James