Updated about 10 years ago on . Most recent reply
Never Purchased a home
OK, Hello everyone, First time poster been listening to the podcast a while now, it'll be a year looking and learning about real estate. Never purchased a house. Current renter.
Now, a current student of mine has a triplex, in NYC, that she's talking about putting on the market, she's asking for 1.2 million. Now I was thinking that this could be an opportunity for me to break into real estate, 1 unit isn't ready to rent but the other 2 units are perfect and ready the other unit needs repairs. Now here's a thing 1.2 million is steep, she's been in the location for longer than 20 years so I know there's some wiggle room.
Now, of course OPM will have to be the source because I doubt I'll be able to get a loan for this type of unit.
What will some of you experienced investors do with this situation? Have any of you been in this situation.