All Forum Posts by: Michael Goodman

This is exactly what I imagine retiring to one day in the (hopefully not too distant) future-beautiful home on a large tract of land. Absolutely gorgeous place and seems like a homerun deal for you; great job!

Agree with @Danielle Fattizzi's advice. Also would suggest giving Redfin a look if it is in your area. There is a filter option for Multis and I have been able to find some decent ones on there in my local area and it will typically be more current than Zillow. Fyi, I was able to find some duplexes and other Multis on Zillow by selecting only the Apartment home type and searching that way. Good luck!

@Dave Wigfield The 203k loan is only if it will be your primary residence. You need to look at a Fannie May Homestyle loan if it is for an investment property. The Homestyle loan is basically the investors version of the 203k which means that the bank will loan you the purchase price plus rehab cost based on their appraised ARV (upto 95% of ARV). Another point of note if you do a Homestyle is that you must use a licensed GC for the renovations.

Side note: I actually went and looked at this place yesterday (or I presume it is the same place). I think your $15k estimate is low. This of course is predicated on what level your are trying to bring it up to but I would advise you to take a second and closer look; maybe run your numbers again. I will admit I am quite conservative when I do mine so I may be a bit higher than others but the numbers I ran versus what you state here are quite far apart. I think the duplex, location, and neighborhood easily hold $650-700 (maybe more) per door once renovated. One last thing, I have even thought if I bought it I would change it back to a 1/1 and 1/1 because that second 'bedroom' on the left side is so incredibly tiny. Just my thoughts!

Your best bet would probably be to use some keywords like Raleigh, Durham, Triad, Research Triangle, Greenville (or really I just used them for you) as those areas have many investors and are not too far from Rocky Mount. Best of luck working it out!

Sounds like you have some solid suggestions here but just to add I have had good luck finding people on Thumbtack as well. They'll shoot you a rough quote with their business name so you can check into them first before agreeing to anything. Good place to find more than inspectors as well...but a 1st hand reference is hard to beat!

Congrats on your deal, hope it goes smoothly!

Great intro and welcome to the community!

I was going to mention one of the same points as @Steven Hamilton II , that using an EA is a viable option as well. The guy I use is an EA and has served me very well throughout the past 5 years or so that I have used him (but he is up in Mooresville). If you would like his information anyway please send me a pm and I'll get it to you.

Count me in as well

@David Stone Is this a duplex to buy/hold or to rehab/sell? By second property do you mean 2nd investment property (for 3 total) or are you counting your primary residence as the first and this duplex as the second? What is the current value of your primary residence?

I asked my mortgage broker, 'Is it true or false that a HS mortgage takes a minimum 60 days to close?'. His reply, 'Way false!'.

I have not actually closed on it though so take that into consideration; it's only words right now not experience from my side.