First analysis/possible deal need Help, opinions, and advice for entire thing!
Hello BP users,
I used to live in Rhode Island and moved to the Boston area. I have ran into a possible deal in the providence area that I am very interested in. I would like some help trying to analyze this deal.
I don't know where to begin. it is a 2/3 family ( the 2 upper units where converted into one unit). The seller is from out of state, also seems to be a part time real estate investor. he gave me the expected rent, and section 8 approved, by looking around on trulia at rents being asked for in the neighborhood and what he stated seemed to correlate. I just don't know where to go from here. The home seems to be great for the 2 percent rule.
I do see the home was purchased at an auction a few years back then sold again for 1 dollar about 2 years ago, and last year the county assessed it at about 80k he's asking for 115.
I know I am very vague I just don't know what information to actually give as I haven't analyzed it yet. I just need help in the right direction towards what to keep an eye out for, what questions to specifically ask, and sort of where to go from here.
If it works out and the numbers make sense since he did want this home for rental income, he is just out of the area I was thinking about asking for seller financing? is this a good idea or bad one? this would be my first home so I am completely new at this.