Updated over 12 years ago on . Most recent reply
Breaking Into Mulifamily, Need Help!
I have four single family homes and would like to move into multifamily properties.
I know what I'm looking for in a house, these numbers don't seem bad. I'm most worried about the hodge podge nature of the work done on the house. It doesn't really need any work done to it though. When I say hodge podge, the shingles on the roof don't line up correctly...or match! There is a light weight interior door being used as an exterior door. And most worrisome is that there is a floor joist on the second floor that is obviously jutting up, the foundation is fine though.
I found a duplex that is owned by a real estate agent who looks like (from the MLS record) have been trying to sell it since they bought it a few years ago. Here are the stats:
DOM: 600+ (2nd time listed)
List Price: $49,900
Price Changes: $1000 in all this time
Rent: $1000/month income.
Utilities: Electric & Gas separated and paid by tenants, water paid by owner.
I would probably start off with a $35,000 offer. Again, its not the numbers so much as my fear that something is wrong with it. I would have it inspected by a licenses professional.
I typically don't experience teetering back and forth, my real estate agent (also an investor) said to let it go...but any feedback you can offer would be great.