Please Help: First Small apartment deal
Hi everyone. i am a buy and hold investor who has up until now paid all cash on deals. after lots of BP reading i was inspired to purchase a small apartment building. My husband and i both have full time jobs and we are looking at this for income after retirement. my criteria was fairly new with some cash flow after expenses. Can someone tell me the best way to negotiate reductions or credits after an inspection on a property. For example, I am under contract on a 6 plex and I just found out that there is lots of minor damage in 4 of the units and they are not all rented. I have a formal inspection scheduled which will cost 1500 dollars. Should I try to see if he is open to the price reduction before I pay for the inspection?
Building information
C location
Built in 2010
600/ month tenant pays all utilities (4 currently rented)
Purchase price 290000
Taxes 3332
Trash 172
Damage (water damage from top unit to bottom unit, wood floors need to be replaced as a result, 1 unit has lots of cigarette burns on some surfaces, etc) nothing major but definitely not what was seen in the unit that was shown before we were under contract.
How do I proceed