All Forum Posts by: Noah Mount

@Frank Chin the median sale price of the house is about $149,000. That's why I am so interested in this property. I was hoping to get it back up to the price. It just needs a ton of cosmetic work done to it.

@Jaron Walling I intend to invest no more than $70,000 on rehab. That's why I was wondering what the rehab cost would be. With $50,000 for the house and $70,000 for the rehab, hopefully it'll bring the value up to $150,000, then I can get a cash out refinance and get the $120,000 back at 80% of the home value.

@Frank Chin Thank you for the insight! I'll get right on it. Do you know if I'm able to ask about a property that I do not yet own?

@Jaron Walling Yes, I was planning to live in the efficiency part and rent out the other 2 units once converted. I factor the ARV at about $150,000 with the extra room. The rent would be $1,500 per unit, right at 1% of the purchase price. I figure my total monthly income to be about $1,800 for this property, using $400 for the mortgage and $800 set aside each month for emergency funds.

@Vincent Morales this is actually VERY helpful. Moral of the story: be careful with your contractor. I am getting ready to buy a duplex to turn into a triplex. I thought any ol' contractor would do because they seem like they know what to do before they start. Now I know to do my research before hiring. Thank you! Your story probably just saved me a bunch of time and money!

I am 18 years old and want to buy a duplex and add another unit. Is this possible/legal if I turn the garage into an efficiency room where the total area is about 500 square feet for the unit? (I live in northern Georgia if that helps.) I also have questions about how much people would think the contracting cost would be and how long it would take. I can send you pictures of the property via communication method. The price is $54,950 but I think I can get them down to $50,000. For a 5% downpayment, that would be 2,500 down, which I can save up in about 2 months. 3.5% down would be $1,750. I can pay for the property myself and have it be very lucrative if I do it right. (I've never bought a rental property before). I just need estimates from experienced investors so I can get as accurate of a budget as possible before buying the property. Thanks!

I am 18 years old and want to buy a duplex and add another unit. Is this possible/legal if I turn the garage into an efficiency room where the total area is about 500 square feet for the unit? (I live in northern Georgia if that helps.) I also have questions about how much people would think the contracting cost would be and how long it would take. I can send you pictures of the property via communication method. The price is $54,950 but I think I can get them down to $50,000. For a 5% downpayment, that would be 2,500 down, which I can save up in about 2 months. 3.5% down would be $1,750. I can pay for the property myself and have it be very lucrative if I do it right. (I've never bought a rental property before). I just need estimates from experienced investors so I can get as accurate of a budget as possible before buying the property. Thanks!