What don't I know going in to a 6 plex?
Let me get this out of the way first, I have never considered purchasing a multifamily. I own one single family that I have been renting out for 4 years, and just closed on my second property 2 weeks ago. Multifamily is in my future, I am going to create enough cash flow to leave my job! So, on with the details. I was cruising zillow (after deciding multifamily was going to set me free) and found a 6plex in my area. It appears to be a home converted to a 6plex, 3200 sq ft, 3- 1 bed, 3- 2 bed, with common laundry, there is a lot of paneling, an abundance of 1920's cabinetry, probably old plumbing and electrical. Seller is offering land contract terms (land installment contract, contract for deed, agreement for deed, installment sales agreement). I am going to look at it tonight. I don't even know what I don't know!