Efficiency Apartments
Hi
I had a very old guy contact me, he owns 18 units and they are free and clear but my problem with it is they are all Efficiencies, they are only 70% occupied with long term tenants because the rents are very low and he has never raised them. The property does have defer maintenance and he manages himself and he wants to get rid of the property because of failing health. Should I stay away from this type of property due to it being just efficiencies. I have been taught that the best properties are the ones with a good unit mix. Any advise?
Most Popular Reply
How close is the complex to any Theme Parks, colleges or business centers? You could potentially fix them up and rent them out on the AirBnB market and do very well. An alternative to a hotel for some folks.