Updated about 9 years ago on . Most recent reply
Check out this deal!
Hi guys! My name is Cade from Oklahoma. I am new to bigger pockets, but have been researching multi-family real estate inverting for a little while now.
I am still looking for my first deal to pounce on and would like some more experienced eyes to look at it. An 8 family complex came up for sale just blocks from my house. It's essentially 4 duplexes. They are all 2 bedroom, 1 bathroom. The asking price is $310,000. By looking at the rent roll and income statements, it looks like the management has been poor and there is quite a bit of upside!
If you have any questions you'd like to ask about the property, please ask. I'd like a discussion about it to get some of your insight so I can get a good deal and close on my first multi-family property!
Thanks everyone!
Most Popular Reply
Duplexes should be evaluated as any other 1-4 units by using the comparable sales.
Get a local realtor to do a CMA for you and you will know how much of those duplexes are worth. If the numbers work out there then you need to underwrite the properties for income/expenses/capex/etc.
The BiggerPockets calculator can help you with that.
Oh, and welcome to BP :-)