All Forum Posts by: Twan Torr

Thanks to everyone that helped with giving me different opinions on this issue.

I decided to not go through with this specific property but instead invest in something with less risk for my first deal. 

Thanks, @Brie Schmidt, @Paul Welden, @Marcus Auerbach, and @Charles Clark

@Charles Clark thanks for reaching out. Ill be sure to keep in touch. 

I’m in a huge dilemma and I really could use you professionally help.

I’m currently a resident in Milwaukee WI. And I’m in the process to buy a duplex (four bedroom 2/2)that needs some work.

The work that needs to be done is “15k” worth of foundation work, as well as “15k” in renovation of the unit I’ll be staying in.

(The other unit is occupied with tenant paying $750. Lease ends May 2023)

I got an accepted offer at $158k but with renovation and everything else it brings the house to $195k (Reno, sellers credit, loan fees, etc…)

My monthly payment is about $1760 without including water and gas. And I would have about 65k worth of equity after renovation.

I also just found out there is a third wall that needs to braced which would bring my foundation cost to “20k”

ARV is $1300 a unit at the most in the area.

Is this a deal or should I keep looking?