One Purchase for All 13 Properties - request for some ideas
I am a new investor looking for a place to househack along with FHA within a few months and just found this special deals. This deals said you can simply purchase for all 13 properties within Akrons and they all are used for University of Akron for $2.7m. This was actually my first time seeing this deal which is not common to the general real estate market.
So, what are your ideas about this deals? Second, for a newbie investor, what useful method will work for this to us?
Most Popular Reply
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Figure out what each one is worth and subtract 20%. If that’s more than the asking price move forward. If it’s less that’s your new offering price. They are expecting to get much less than market price for a group of homes, or at least they should be. They’re eliminating 90-99% of the buyers.
Imagine this was a new car dealer saying they had 6 new cars they wanted to sell as a package. If they were $40k cars, what would you offer? I bet it’s less than $240k.
After a few months (or as soon as you know.) start selling off the worst performers, worst neighborhoods, worst condition homes. This should cost you about 10% of market value, leaving you an extra 10% to pay down expensive financing or repay sponsors.