Buying a multi family when you can’t view the entire home.

5 Replies

Hey everyone, I am a first time buyer about to go and look at a few properties this week. I am liking to buy a multi family triplex or 4 unit. One home I will be viewing is a 4 unit with 3 of ten already rented. All units have been renovated. One unit is available for showing and is the same as the rest. I was wondering if anyone had any advice or tips when dealing with this situation. Do you typically put your bid in for less to be safe,  judging that there may be more work to be done? Any advice isn’t much appreciated, thank you!

If you like the unit after seeing it, and hopefully you can see the basement also, put in your offer with contingent on inspection and/or subject to buyer approval. You should be able to view the whole property once a contract is accepted, and at least just prior to closing. So if they're trying to hide something it can come out before you've bought. Also remember "if you put in an offer, and don't feel embarrassed by how low it is, you're doing it wrong".

Pricing assuming all 4 units are turn key.  Talk to next door renters see if there are any issues.

I will also stipulate the other three units are to be inspected if they accept your offer as part of the inspection process.

Originally posted by @David Martinez :

Hey everyone, I am a first time buyer about to go and look at a few properties this week. I am liking to buy a multi family triplex or 4 unit. One home I will be viewing is a 4 unit with 3 of ten already rented. All units have been renovated. One unit is available for showing and is the same as the rest. I was wondering if anyone had any advice or tips when dealing with this situation. Do you typically put your bid in for less to be safe,  judging that there may be more work to be done? Any advice isn’t much appreciated, thank you!

 You play it nice until it's under contract, meaning you go ahead and assume everything in the other 3 units is just as good as the one you can view, among other things.

Then, during your inspection contingency, you go view it to confirm your friendly assumptions... or learn that they were too friendly and you need to renegotiate. 

Thank you all for the helpful advice! I put in an offer on that home, but they went with another anyway. I will keep all of this in mind for the future though. 

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