All Forum Posts by: Steven Haughey

I'm interested!

Do you guys have a FB or anything?

Also, how was the turn out?!

Usually not an issue, but this multifamily property I'm looking at is priced pretty high. 

It's a 2b 2 ba Duplex (1-1 on each) for 175,000

I'm a Realtor and my CMAs are coming around 138,000 on the high end. I can take a larger hit as an investor, however, I need to get around 30,000 shaved off asking price. What are some tips for talking down sellers when almost 20% of the asking price needs to drop?

Thanks in advance! 

@Russell Brazil

Haha! Fair enough!

@Russell Brazil why wouldn't you, specifically?

Got a property under contract that's is going to be my first investment. Its a duplex in a decent neighborhood, half of which is already rented for 800/mo.

Issue is with the inspection I had done. Sewage in the basement of unoccupied side. Cast iron piping is leaking.

Roof is in need of repair within 5 years.

Electricity needs updating eventually (cloth wiring, knob and tube)

Otherwise only small nickle and dime fixes. Asking: 110k

Purchase: 95k

Comps look good as well

Closing is coming up really soon, so is my reticence warranted, or is this typical "cold feet"?

Thanks, guys!

Hello!

I've recently walked through a duplex that I have been interested in.

One half is already rented out, which is great because I had been planning on house hacking.

However, I met the tenant and started asking her questions. It turns out she just moved in less than a month ago.

She used terms like "scrounge up money", she lives with her son who has about.. 4 reptiles I could count.. AND doesn't have/wasnt required to have renters insurance.

Is this too risky? Or can I still save this?

Thanks!

Good evening BP!

I've been looking for a duplex to house hack, and by George I think I found it*. It's going for 95k which I'm already preapproved for, and already has a tenant paying 800 a month.

The mortgage payments will be 490, while my current rent is 1,300 (downtown Frederick).

It seems like a lucrative opportunity, but what would you guys do?

Cheers!

*its in Hagerstown MD

@Sarah Brown

It's a speed bump only because I've never worked with that amount of money. I'm from... humble upbringings.

@Nathaniel Hovsepian

That's what I was thinking. Still doing my due diligence on some more properties in the area, but this one seems like a win.

I've heard horror stories about people's first investment, I dont want to add to that list!

@Jim Pellerin

Maybe go for something cheaper for my first investment, I mean.