DEAL or NO DEAL????
I am a new investor and would like to ask all of you experienced in the RE business if the following deal os or is not a good deal for me. The deal is a 20 unit appartment complex. It has 10 two bed. and 10 three bed. the units are 90% occupied. Rents go for $350 for 2bed and $375 for 3beds. The owner is asking $500,000 of which I think i can get 100% financing from a local bank. The appartments are in great shape and their appraisal value is more than $600,000. I know that some of you are going to think that I should start with something less expensive, but why should i go for a single when i might be able to immulate Barry Bonds! Thanks in Advance for your great Advice.