Offer submitted, 12-plex, probate
Hello BP!
Just wanted to share a quick synopsis of what I've been up to after putting lesson learned here on bigger pockets to work. Feedback and advice always appreciated!
I found a twelve unit building for sale and applied the 50% rule of thumb: rent 425/unit, tenant pays all utilities, offer price 155k. Property manager lined up, contract drafted, down payment with private money. Property in probate, however it's been on the market for eight months and we are the only offer so far.
It needs a little TLC, three units are being renovated now, the tenants biggest complaint is the parking lot. Lots of long term tenants, two units have been there nine years, another has been there seven years.
If it wasn't for BP, this would have never happened, so thank you. Of course even if the offer is rejected, I've learned so much from just getting out there and applying practice to the concepts I've learned here!