attempted deal on small apartments. feed back please.
Happy Turkey Day!
So I made my 1st attempt on a real estate investment deal. I felt like it was a little soon for a try but I got a lead from a very experienced investor near by who recommended it.
Here are the stats:
two 6-unit apartments, asking $190,000 each, $500/mo rents, seller said that the buildings cash flow about $1000/mo for each building. I would call them c+ units (thats a guess, I dont know how you guys figure that rating, i've looked).
One big issue, they backup to a large drainage ditch, they flood. The seller says the buildings breakeven on rents, even with the bottom 2 units out of commission.
We talked about the seller financing the deal. He's reluctant, considering my experience. I asked for the p&l's. I still havent seen them. Im gonna pass. The flooding thing scares me.
I just wanted to share. Im making attempts and getting out of my shell on the forums. Please give me feedback, ask questions.