First multifamily property buyer/property dealbreakers
I’m new to the Biggerpockets forum and I’m looking to get as much information as possible before pulling the trigger on a multifamily property. What are some of the deal breakers that would cause you to pass on or buy a building? I know property is all about location location locartion, I’m looking for more indepth criteria. Thank you for your time guys!!
Most Popular Reply
- If we are talking multi families, it might sound weird I make sure it has adequate parking for all tenants. It is challenging enough being a landlord, you don't want to have to deal with grown adults arguing over parking.
- Personally I would rather not inherit tenants, but as a new investor I could see wanting to have money coming in (hopefully) from day 1.
- Awkward unit setups are tough to deal with as well. What do I mean? Some apartments are set up where in order to get to a bathroom you need to go through a bedroom. Prospective tenants balk at this in my experience.
- I also make sure the building has separate utilities for each unit. Paying for their utilities is not that appealing to me.