First time buyer questions
Hello all my name is Robert and I have recently decided to start investing in real estate after a lot of reading and research. I have found a property and it is a 4 family. All the apartments have 3 bedrooms 1 bath. The rents are 1000 a month per unit. Taxes are around 8500 and the landlord pays for heat, sewer and water. Water and sewer is around 200 a month according to the landlord. He has owned it for 14 years and his partner moved away. The landlord says that he is not a handy person so he does not want to do it anymore. He is asking 250,000 but is looking for as much cash down as possible to avoid the big tax bill because he has no expenses to write off anymore. He said he is willing to drop the price down to 150,000 if I put Enough Cash down. He is willing to do owner financing but the only down fall is the house is in a poor town that is known for poor people. So as a first time buyer I am looking for input on the deal from people that have more experience than I do to see if there is anything I may be missing. Thank you all.