Updated almost 10 years ago on . Most recent reply
help 10plex
Hello Everyone,
my name is Alberto, I'm currently looking for my next deal and there is a 10plex that i could get my hands on it, asking price 425,000 but motivated seller willing to drop that price. is a 4500 sqfl building on a 7000 sqft corner lot, ok neighborhood. units are 6 efficiency and 4 one bedroom. Really bad condition, it needs about 200,000 worth the work. All apartments need to be renovated so im assuming about 30 dollars per sqft so thats about 130,000, roof needs to be done thats about 40,000, and the other 30,000 for any surprises along the way, im getting this prices from a friend that did something like this on an 8plex in my town. NOTE: i have not done an inspection nor have i bring a contractor to this property im just trying to get your opinion before moving forward. as is the property is bringing about 4500 per month about 20,000 cash flow last year ( on a terrible condition ) , after all the work is done property can go up to 550 or 600,000 bringing in 7000 plus per month. BP friends what do you think about this, and if it is a good deal how can i put it together ? i hope i am making sense let me know if i'm not. thanks