As a newbee to real estate i have spent many hours doing alot of research on many different subjects. I have set up a home office and phone line networked with an investor with 32 rental properties. I was looking in the FSBO and on the second call to a seller found out that she had another property that is a duplex 1 bd 1 ba (two units) one is completly gutted all the way down to nothing on the walls the other is 25% complete the rents are 350$ to 450$
She owns the deplex with her cousin and they do not get along he lives in CA she in WA.
They have owned the property for 2 years and never rented. she gave me a rough figure of 60000 (it needs alot of work) and telling my investor everything i knew he said he would pay somthing like 70,000 for somthing like that.
As much as i have done i still dont know the first thing about making an offer. do i use a contract? phurchase agreement? how would i go about it? how would i know it is a good deal seeing the duplex needs alot of work? I had thought about geting a contractor to give me a bid…
THANKS for any ideas
BrandonFinch