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Updated almost 10 years ago on . Most recent reply

User Stats

89
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12
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Daniel Warren
  • Crossett, AR
12
Votes |
89
Posts

Creative experienced advice request

Daniel Warren
  • Crossett, AR
Posted

Hey BP! Was just throwing this out there in hopes of some experienced advice.  My wife and I are expecting our fifth child, so I tied up all the cash I had to invest with in acquiring a bigger house.  I am only financed for about 18k in the house and when we finish it, I feel it will appraise 100-120k. Our plans are to pull some of that equity out and get some rentals with, but here is my current issue (I know that was a long story to say I have no cash).  We aren't ready with the house to tap that equity, and a 10 unit apartment in a good location in my town has been listed for sale for 70k.  It is 10 1br/1bath apartments close to jobs and stores.  They should all rent from 300-400 conservatively.  They all are needing some work (I will be viewing soon to know more) and are all vacant.  The seller is an older lady, and from what I gather, they were her husbands (died 2 years ago) and in his  final years he couldn't do much upkeep and nothing has been done since his death.  I would really like to pick up these units, but I'm at a loss on a strategy.  I was thinking about seeing if they would owner finance, but then I'm still short on some down payment cash.  Any advice? Thanks!

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