Advice please - Posted by Tommy_FL

Posted by Tommy_FL on May 26, 2001 at 15:10:02:

Here’s the numbers. The property is next door to my duplex just appraised at 181K. It’s a triplex that needs 40K in rehab. Total rent income once rehabbed will be between 2.1K to 2.3K per month. The tired out-of-town seller wants 127K “as is”. I made an accepted offer of the full asking price with 7K toward the closing costs and contigent upon inspection hoping then that it will only need about 17K in rehabbed. Instead the inspection came out worst and will need about 40K (need new roof). What should I do? It’s still a good property but will be short about 20K in rehabbed money. Any advice please, thank you.