Specialist · Fort Lauderdale, FL · Member since 2014 · 52 posts · 3 votes
We have opportunity to purchase a quad plex for 455k. It’s a off market deal. I believe this is a whole sale deal so no inspections allowed per seller. Tenants in all 4 units. 1 owner since house built in 1975. Roof replaced in 2013. 2 newly A/C units. Rent under value averaging 4800 gross a year but market value is 60k. Is it normal for no inspection on whole sale deal? I see it as great opportunity but huge risk
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
What's the ARV, @Devan R.? If there is significant upside, it may be worth the risk. I personally wouldn't spend nearly half a million dollars without the ability to inspect, but maybe I'm just too cautious.
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
6y
If it's your first deal, do not even think about doing it without inspections and all four units occupied under rent. Will you even get access to view the tenants? Have you asked for bank statements confirming all tenants are paying their rent? Of all the properties not to do an inspection, a multi is the worst. Four units, four sets of everything, four ways everything could be broken.