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Updated 8 months ago on . Most recent reply

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79
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Menachem Krasnjanski
  • Rental Property Investor
  • Spring Valley, NY (spring valley ny)
13
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79
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Buying with no information

Menachem Krasnjanski
  • Rental Property Investor
  • Spring Valley, NY (spring valley ny)
Posted

I was presented with an opportunity to buy a 5 unit residential property in the albany, ny metro area. The owner wants 320 and has an appraisal for 450. He is unwilling to speak on the phone or meet, unwilling to provide financials/ tax returns/rent roll records, and unwilling to show the property in person. The agent on his behalf that "it's a good deal and you will come in with alot of equity". My alarm bells are ringing and gut feeling is to walk away. Is there any angle that would make it worth pursuing?

Most Popular Reply

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1,423
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893
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Jules Aton
  • MD/DC
893
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1,423
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Jules Aton
  • MD/DC
Replied

I'd consider like an as is auction if the price was exceptional enough to cover any and all unknowns. A drive by would be necessary and if they aren't willing to provide the address it would be a hard pass. 

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