All Forum Posts by: Vinc Monagan

I will definitely ping you.  I am just starting to buy in Petersburg and the market is crazy.  You have 576 sqft homes going for 85K, really. But I see the potential there.  Now thanks to Bigger Pockets I want to focus on multi-family properties.

Yes it does help especially when someone is familiar with the area and thanks for the response. I submitted an offer for $150 which was declined and I understand I was the only offer.  Now that I think about 150K was probably to high for a 1700 plus sqft duplex.  So I think I will wait it out. I saw some other duplexes but they are located in a neighborhood that is very undesirable.

Thanks Taylor for your response. Yes it is 900 per side which meets the 1% rule. The neighbor has some challenges and the comps doesn't have anything comparable to the sqft but the ARV for duplex with at least 2500 sq ft is around 290K. The duplex is clean and move in ready but I could tell the seller just did minimum repairs.I am still negotiating with the seller. I may just jump in....

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*This link comes directly from our calculators, based on information input by the member who posted.

This deal is located in Petersburg, VA, its a 2 bd, 1 bath duplex at 1728 sqft and is move in ready. The owner is asking for 189K which doesn't support the comps however, I negotiated a price of 175K which still doesn't support the comps.  I could get the rents at $900 per month but with a HML as my funding source for 12 months interest only.  My concern is the refi process to get the HML contract completed. I don't think the price will apprise at 175K or more based on the comps.  I'm looking for my first buy and hold multifamily deal.

Deal or No Deal

Thanks