Multifamily Auction Deals
I've never gone the auction route but occasionally look at them. Occasionally a multifamily will pop up. I can understand why single family homes end up going into foreclosure, but what does it mean when a multifamily does? Does that mean that the demand in the area isn't enough and the owner either wasn't able to charge enough rent or find enough tenants to make the loan payments? Would I be walking into the same situation by buying a multifamily at auction? One recently that I considered was a nice brick building fourplex built in 1990, in a B class neighborhood, but the interior looked like it hadn't be remodeled since it was built and the carpet was really bad, pictures made it look like there were currently no tenants in it. Any advice would be really appreciated!