Ive been scurrying through the country, and ran across a few properties I'm interested to get started in.
I found a triplex around 40k (tenants already in it), but needs foundation work, kitchen, br repairs, floors and painting, etc for each unit and its not in the best of neighborhoods, its like almost ok. The owner wants someone to take the payments, and im thinking to do a subject based on contingency with an inspection of course, but id like to have 100% control of the property.
My question is would this be a decent potential property to look at? I know this is very broad right now not knowing the other variable factors like cap ex, agreements, etc. Im wondering since this would be my first property purchase, could i get any renegotiations from the mortgage company (lowered interested rate/etc) picking up the payments? And how much do you think id have to invest in repairs (just a ball park figure)? Its around 1600sq ft. Im thinking around 35-40k, but im not sure. I wouldnt want to tie up all my cash either, so if i could get a lower rate loan for like im guess 75-80k (and i might have to put 25% down) maybe thats the way to go? Would love to hear your thoughts?