All Forum Posts by: Randall Kates

Hey Everyone,

I haven't had much luck on an answer from other investors or through Google so maybe this may do the trick. I am in the process of acquiring on half of a twin duplex that has 4 total units with me owning two. It needs a total rehab and there asking 120k with ARV and comps in the 200's. I'm wondering if the comps are inaccurate since it is a twin or if twin houses hold value even though they are "Half" a house. If thats the case the twin would be half of the ARV.

ShawnM.  thanks for your  input  and take!!

Hey Everyone,

I am going to purchase a duplex property in an up and coming suburb just outside of a major city that has quite a demand with young professionals. This property just so happens to be a homepath property that sits in the heart of the suburb towns shopping district. This particular property needs a total rehab but its still in its first look stage for owner occupants.I plan on bidding as an owner occupant and using fha 203 k I have tried to bid on another property in the same town and others bid over the asking price to secure the deal. Homepath wants 140k but the comps are around lower to mid 200's.The difference with this property is the fact that although it's a duplex it is apart of a "Twin" house that that contains 4 units its a little weird so in essence I would actually share ownership of the same building. I can collect rent of 1k every month on a 1 bedroom and up to $1500 on two. My dilemma arises on two things.

1. Being that this property and location is in high demand should I bid above the asking price to assure that I get the property although I am still in the first look phase? Or should I put in a low offer first and wait to see if they accept or counter?

2. Are comps still accurate when dealing with a twin home that is split on two sides or is this a miscalculation? 

Hey Everyone,

I am going to purchase a  duplex property in an up and coming suburb  just outside of a major city that has quite a demand with young professionals.  This property just so happens to be a homepath property that sits in the heart of the suburb towns shopping district. This particular property needs a total rehab but its still in its first look stage for owner occupants.I plan on bidding as an owner occupant and using fha 203 k I have tried to bid on another property in the same town and others bid over the asking price to secure the deal. Homepath wants 140k  but the comps are around lower to mid 200's.The difference with this property is the fact that although it's a duplex  it is apart of a "Twin" house that  that contains 4 units its a little  weird so in essence I would actually share ownership of the same building. I can collect rent of 1k every month on a 1 bedroom and up to $1500 on  two. My dilemma arises on two things.

1. Being that this property and location is in high demand should I  bid above the asking price to assure that I get the property  although I am still in the first look phase? Or should I put in a low offer first and wait to see if they accept or counter?

2. Are comps still accurate when dealing with a twin home that is split on two sides or is this a miscalculation? 

@chrisaffleck thanks for the confirmation!

I'd like to purchase  a duplex and live in one  unit while  renting the other. The  roadblock is  that  both units  are occupied one  long term and  the other  on a  year lease. Once  acquiring the property  would I be  able  to evict the tenant on the year lease and  move  in myself? Or  will I face  legal issues?

@Iris Burrows that's great insight and your right word around is that Atlanta is wholesale city do to prices, accessibility etc! I'm very open to JV's with savvy investors with experience and I would need someone boots to the ground since I'm not gonna be there 24/7 if you know of any oppurtunities feel free to PM me or contact. [email protected] Www.propertyrescues.com 3476928730

@Larry Turowski  Appreciate the input  some  good  is  coming out of  this  as  I  get to sharpen  my tools  in the craft of  real estate. @Samantha Lotti Great Advice  and I'lll see this one  through :) @Wayne Brooks  Thanks for the clarification

I recently got a  property under  contract for 140k and  had  3  contractors  quote  me on  how  much it would be. Which was over 40k in rehab cost on average.The  bank believed that the listing realtor  undervalued the property and  wanted  the realtor that represented the property to show  proof  for  the  price  listing being so low. I  was prepared for battle and was  actually  going to submit my  contractors  quote  substantiating the damage to go along with my bid but while in the  process the bank  used  there own Brokers Price Opinion   and  as you may have  guessed  rejected my first offer and  stated that they wanted  as  close to 180k as  possible. The comps are in the  200's  so the higher it gets  my stomach turns over more and  more  at the  potential skinny profit margin.  In this  instance  should I still go ahead  and finish up  with the  quotes my  contractor  or is it to late  to  try to play my style  of  negotiation? Shouldn't this melee  have  been left to the Realtor?

That's  actually a pretty creative  way to  stay  upbeat on things as  it's a  new  and  trendy service and  the clientele  is  based on the same  premise.  You could  very well be  creating a  networking niche  here.   I'll shoot you a  PM  for  fresh ideas on how  you can optimize on this  strategy.