Looking at an 8-plex and have an issue
I am looking at an 8-plex that could be a pretty great deal, but... It is filled with elder people on social security. I don't feel right buying it and booting any of them out and since they are on social security they can't really afford higher rent. Do I figure out a way to buy and leave as is and then renovate each place as they begin to vacate? Just wanted to see if anyone has any good creative solutions that have done or seen.
Thanks,
Josh Goldstein
Most Popular Reply
@Josh Goldstein Is this your first unit? I would take a few minutes to think about what your vision is. If this is a piece of your big pictures, what does that big picture look like? Do you want to have a portfolio of senior citizens? Is that a niche you can capitalize on? Is the ROI as-is sufficient for you? If it's not, then move on or accept the fact that you'll have to reposition the property to meet YOUR needs.
That being said, are there resources you can link them with to find more appropriate housing or assist with move-out costs? Maybe a local religious or non-profit establishment?