First deal, 4plex foreclosure, need advice
I'm new to RE investing, looking at a 4plex foreclosure, and in need of advice! The numbers tell me this is a deal but I'm not sure I've done enough due diligence and there a few questions that have me reluctant.
1. How do I find out why the property was foreclosed on? I found mortgage, deed, warranty, etc on the county assessors site but they want a $50 account setup fee plus a per page cost so I want to make sure those documents are worth it first.
2. Does the foreclosure result in getting rid of all tenants? The property is currently 100% vacant, but the area is full of similar 4plexes with low vacancy rate - according to the PM who manages 5 of the nearby buildings they currently have only 1 vacant unit and have many long term tenants.
3. How do I get past years' financials if this is a foreclosed property?
Any help is much appreciated! This site has been an invaluable resource so far but I couldn't find these questions answered anywhere else. Thank you in advance!