Always follow your instinct....smh

[Tommy Mosley]

So I found a great multi fam that was priced about 50% below FMV it's a 4 unit with 3 of the 4 cashflowing already at $600 a unit..... Long story short i take a few days to think it over since it's more like a C- property but has a lot of equity potentially, I call up my agent and he breaks my heart when he tells me it just went under contract less than 24hrs before my call smh.... I seriously doubt I find another deal like that for awhile in the Savannah area

[Shonda Jimenez]

I just realized that you are probably talking about the same property my husband and I looked at a couple of weeks ago...instead of "C-" it may really be more of "C--/D+" if there is such a thing.  I think your first instinct to walk away was correct.  Although the cash flow potential seems good, you likely would have encountered a host of other potential issues (assuming you are trying to buy&hold). Remember location is key, especially if you want to attract solid tenants into the future.

Also, if I remember correctly it's a probate property with a special remark that the sale is contingent on settling outstanding liens....depending on the lien amount, the actual cost of acquiring the property may be much more than the list price (plus the time needed to get it out of probate).

Thanks,

Shonda