The following post is intended as a general discussion and asking for opinions.
I live full time in South Florida and I am a general contractor. I am considering joint ventures in Florida market, specifically multifamily deals.
My extensive knowledge and background in construction allows me to identify good and sound buildings when I see one.
I came across an opportunity to buy a property built in 2018 which consists of 5 units at an asking price of $875,000.00
All 5 units are rented and bring $94,000.00 / year
Market demand can bear an increase of rents by 10%
I am very familiar with the area and I believe the price is below market value for a number of reasons.
By quickly looking at the info provided do you guys think it's a good investment?
You don’t ask an easy question here. Is it a good deal THAT DEPENDS ON ALOT OF FACTORS. How much down are you putting (what percentage) we have to assume there is no maintenance required since it’s a brand new building. What are the taxes. What will the costs be going forward. Do the tenants pay their own utilities (gas and electric) who pays for the water. What type of mortgage can you get.