Duplex FSBO

Posted in Master Lease

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  • I have a seller who wants to sell his older duplex for $190,000. It needs between $10K and $40k in rehab/upgrades depending on how much someone would want to spend to bring it up to a much more modern looking building from its current state. Half is rented out for $700 a month which is right on target for the neighborhood so no room to increase that. The owner uses the other half as his part time home. Comps for duplexes in the area are difficult to find but sfr numbers for same square footage are between $158k to $225k ARV but I think it is much closer to the $150,000 side. I already spoke to him about possibly doing a seller carryback and he would want it to be very short term with a substantial amount down. I’m thinking a master lease might be the way to go with him because I dont want to be the one to put in all the updating it needs. Would getting an option to purchase give me any benefit if another investor sees the problems I do?

    This is a wholesale type property with an OVER retail price.

    Sorry, but I don’t see any opportunity here unless the seller drops his price substantially. You would not want to buy it even if he said ok to seller financing.

    Got it thanks Jackie!

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