Multi-Building Deal offered by localREIA
I am subscribed to some of the REIA's email lists here in the South Florida area and for the past few weeks I have seen one deal come up for $1,400,000. It caught my eye the first week but its in a somewhat outskirt area.
Here is the description they offer:
"Short Description of Property: 7 quad-plex, 1 eight-plex, 1 tri-plex. 9 separate structures with total of 39 units with 1 and 2 bedrooms. Some units have central A/C but most have wall units. Individually metered for electric and water. Sewer, not septic. Revenue approximately $219,000 per year yielding an approximate 15% cap rate. Section 8 tenants. Property typically 90-95% occupied"
Seeing that it hasn't sold in a few weeks I'm sure the price could come down. I don't have a million dollars sitting around but does anyone have any advice as to looking into finding short term financing, piece-selling the buildings and coming away with a profit? I would of course need to perform due-diligence but if I am able to purchase at 1M and sell each structure for average 150k then I could net some money.