Too big for a starter?
Hi everyone!
I am 24 years old and have a interest in real estate investing! I currently live in a small one building apartment with 18 units. The couple that own the apartment are in there late 70s early 80s. I feel like right now would be a perfect time to throw them an offer.
But, i have no idea what the value of the apartment would be. If I was to guess it would be at lest 1.5m
Occupancy is about 90%
Definitely can use some TLC so there is potential to add value and bump rent.
I would say the average rent is 600 a month.
Am I trying to go way to big? Also, how should I approach the owner with a deal?
Small side note, I don't have any means of putting a 25% down payment. How would I best go about financing something this big?
Any advice would be much appreciated!!
Thanks!