All Forum Posts by: Tiffany Miller

@Steve K. Thank you! I literally had no idea what to do, but knew I wanted the house, so your modest post definitely led me in the right direction. None of my original money in it and currently bringing in $2300/month in rent :-) 

@Steve B. Thank you! that's the plan!

@Steve K. Hey Steve, just wanted to follow-up on this post and let you know that your advice was gold! I ended up taking equity out of my home, as well as a hard money loan to purchase the home from my grandmother for $60k and then rehab. The rehab ended up totaling $100k (I was ready to give up several times and wondered if this was all worth it). Well, it was! I just got the appraisal back as a part of the refinance process and the house came in at $265k! My first go around was a huge learning experience and BiggerPockets was such a great resource! Thank you for your advice!

@Yuriy Skripnichenko Thanks so much for this post! I’m about to go through the same thing with a duplex in West Philly that was built as a duplex (I know b/c my grandparents were the first owners and purchased it that way), however, the city still has it and the whole block full of duplexes zoned as RSA-3. 

Could you elaborate more on your RCO meeting? Were there many neighbors in attendance? How did you get neighbors to attend on your behalf? 

Hi there, I will be closing on a duplex this month using a hard money lender for the purchase and rehab. The HML is requiring that I have at closing an insurance policy paid for one year, but I am having a hard time finding providers that will insure a place going from rehab (vacant) to occupied all in the same year. The rehab will be starting right away and is expected to take 2 months, then I am hoping to rent both units ASAP. The unit is located in Philadelphia. Any recommendations? Thanks!

@Steve K. Thanks so much for your advice. My grandmother has had a string of lousy tenants (mainly due to lack of doing due diligence) and wants nothing more to do with the property.  She purchased it in the 60s and is over it.  I'm not sure where she came up with $60k (I am her favorite...lol), but that's what we're going with.  Not worried about family. None of them want to deal with it and are supportive of me taking it over so the house can "stay in the family."  I will do my research based on your suggestions and go from there.  I'm excited!

Thanks everyone! Your responses are really helpful.  To answer some of the questions posed: 

@Frank Chin Yes, she would like the $60k right away - pretty much as soon as I take over the property (she's in her 80s). I have excellent credit, so a 2nd mortgage could definitely be an option, but I would like to avoid this route if possible so I don't have to put anything down/pay closing costs.

@Joseph M. The duplex is paid off free and clear. I haven't received a rehab estimate yet, but I'm guessing it'll be closer to $60k (it's really old - like 70s/80s old). I may be able to pull equity from my home (I believe I have roughly $30k).  She would like the $60k right away - pretty much as soon as I take over the property (she's in her 80s). There are currently no tenants in either unit as of this Summer.  

Hi there! My grandmother owns a duplex that she wants to get rid of. She is willing to sell it to me for $60k. Both units need a lot of work (sound structure, but extremely outdated) and I'm currently awaiting a contractor's estimate to have them rehabbed. Comps in the area are $200-$250k, but I would like to rent the units out. Can I purchase this home from her without using a realtor or going through a traditional mortgage? I know she would add me to the deed if necessary. She just wants to make sure she gets her $60k.

Thanks for any help with this!  I own my own home, but am a newbie to RE investing :-)