All Forum Posts by: Maggie Thompson

Thank you @James Carlson for the referral! I've reached out to @Drew Fein and appreciate both of your help in this matter!

I received an email from my Tenant's lawyer disputing all cleaning and damages stating it was wear and tear. I need to speak to a lawyer to defend me as I think I have properly deducted cleaning and damages. 

Thank you everyone for your responses and advice! Extremely helpful!

@Eric Bilderback The neighborhood is not ideal and a bit hesitant when it comes to that. It seems like the price point for what I would need it to work would have to be $350K which seems low, but probably not if housing prices fall. That would be great if you could send me your spreadsheet!

Per my lender, the PITI payment would be $1900 with potential rent income of $2800.

@Evan Polaski Thanks for the quick response! I would be managing the property myself and this will be my second property that I manage. When I run the numbers on the Bigger Pockets calculator for rental property it comes up as a thumbs up, but when I use my other calc it varies quite a bit, so was looking for others feedback in case I missed something. Everything around here is really high for rent and home prices.

Thank you all for taking the time to respond and provide help.

- Location is Redmond, OR and market rents seem about the $1400. Probably could raise it to $1500-1600 since it's a 3 bed compared to a 2 bed in same neighborhood for rent.

Answers to Sean's questions:

1) I don't expect the ARV to change from the sale price, that is my assumption I am going off of

2) Current market rents could potentially be higher, but assuming I match the $1400 on both sides just until the lease is up

3) Rehab costs I'm estimating about $5k with no change to ARV. One unit at $1400 has new carpet and paint a few months ago, so mostly just the second unit since they have been there for years and would need rehab.

4) Neighborhood is full of duplexes and a mix of folks, so some risk there in terms of having a potential bad tenant.

5) I have not seen any other duplexes on the market near this area under $400K so it seems like a good deal for the shape that it is in compared to bordering towns Sisters and Bend which are higher cost and in poorer shape.

I am a new investor and looking for insights into this investment deal from others. I am also new to duplexes, but trying to house hack etc and then turn it around as a potential investment property on both sides. Good deal, great deal, bad deal? If it's a good/great deal would it be worth negotiating or just get it at the sale price?
Sale price: $379K
2 Units
Each unit is 3 bedrooms, 2.5 baths, 1 car garage
Very minor upgrades needed right now besides repairs (yard, fencing, window coverings, carpet, paint)
Unit A: rent $1400 (10 month lease)
Unit B: rent $1000 (month to month) - Unit B is the one I'd like to send a 30 day to vacate to move in and fix it up and then rent out 2 of the rooms. So potential rent could be $1200-1300.
I would do a conventional at 15% down.

Thanks Russel! 

Thanks John! Since I need to move in within 60 days, it makes the most sense to get the $1k tenant out before close. Is this also something that must be worded in the offer that he must handle the month to month lease will end prior to close? I'm more concerned with getting the $1k tenants out.

Given the market conditions right now and the pandemic, I am less sure of what to do when it comes to submitting an offer. I am a new investor and not familiar with purchasing MFH. I am interested in a duplex priced at $379K. A duplex across the street recently sold for $399K and was on the market for apparently 8 months. Based on property values the duplex prices range from $350-$410K. Based on the market situations right now I have this gut feeling that I should go in aggressive with $365 and seller to pay all closing costs. My realtor suggested $379K and seller to pay all closing costs, but not asking for both a price reduction and closing costs. It's been on the market for 2 weeks now and I am solid buyer. Also the seller bought the place for $130K. Is there anything else I should look into to better price estimate this duplex? Would this be too aggressive of an offer? Is price of $379 vs $365 minimal if I can just pay as little cash out as possible? Looking for suggestions or advice on the best approach. Thank you!