Real Estate Investor · Waldorf, MD · Member since 2014 · 592 posts · 320 votes
Hello BP Family,
I've targeted a property to move forward on bidding. The comfort level is all there with moving forward and I'm simply looking for confirmation from a more experienced advisor. The numbers are based on the expense report from 2017 provided by the seller. There are other questions that need answering SO PLEASE ASK!!! I need QUESTIONS, QUESTIONS, QUESTIONS.
Cincinnati, OH · Member since 2016 · 146 posts · 104 votes
8y
A few things:
Found the listing online, saw the pics. I would move those hoarders out ASAP, no one would ever treat one of my units like that.
It looks like an auction, what makes you think you can buy it for 260K?
If that is true it seems like a good deal @Account Closed. I see separate meters for electric, why in the world is the bill $550/mo? First thing I would do is hire a company to do a RUBS system for your utilities and put 80 percent of the water sewer hear back on the tenants. This would drive your NOI big time. If the electric IS master metered...which is not permitted in Ohio...I would RUB that as well.
Both properties are still going for $250k. At that price point, it seems like a good deal. Did you get the chance to tour the place/have an inspector look at the place? How often do you need to get the lead certification renewed? Multi-family license? What would you have to get done to get licenses renewed and pass everything, if anything?