Updated about 6 years ago on . Most recent reply
First mult unit property
Had a meeting with a guy selling 44 unit apartment in a small town. Numbers are good. 10% cap rate. But it’s a mom and pop ran place. His books were with a pen and pad. And looked like he did them that day of our meeting. No one is under lease. No one has paid a security deposit. He knows all the tenants by name and was his own property manager. He says he is always a 0% vacancy. It’s my first multi unit property to purchase. Can someone give me some advice. Or just words of encouragement. Something!! Anything!!