All Forum Posts by: Account Closed

This property is HUD. My realtor suggests the repair would cost $3500 or less. I have reading horror stories online about these repairs costing $20,000 or more. Just trying to gather some advice before going all in.

I have had my eyes on this cherry deal for a while now.  The first opportunity passed me by as I was outbid on the sale.  The property has now come back up for sale with some new information:

A basement wall requires piers to correct the foundation.  Also a notice for changing landscape grade in an area.

Would a seasoned investor walk the deal as this repair is likely costly and will negatively impact potential gains on the resale?  The property (even at the previous accepted bid) is still valued at least $30,000 below all neighboring properties in a nice quiet neighborhood.

I'm new.  I've never purchased previously.  How would you suggest I proceed?

Thanks!

Sounds great, thanks!

After running the calc it would clock out as a 1% property.  I will continue to search for something else that has a  higher initial potential for flow.

Greetings,

I have recently been shopping for houses in an area where prices have been increasing quite significantly recently.  After some frustration in finding a home to purchase and add equity to I stumbled upon the Bigger Pockets podcasts.

I now feel that the correct step to get into home ownership is through first purchasing a duplex and building upwards from here.  I have been given a pre-market opportunity to purchase a rental property from an owner, however I am not sure if the rents are capable of creating an instant cash flow while living for free.

Any advice from members in this area would be greatly appreciated.

Thanks!