All Forum Posts by: Christoffer Huynh

@Greg Dickerson Yes, on paper it looks solid. According to the broker there is 1 vacancy at the moment and most of the tenants are divorced women and families that has been there long term. I have not been on site yet since the long drive requires some planning. I am thinking of contacting the local bank and ask for appraisal and advice, do you think I can talk to tenants while I am there ? Buildings was built 1952 and have not been inspected by a property inspector. Also the operating cost does not take into consideration the salary for janitor other than that it should be included.

@David Stumpf Statistics show that the population is shrinking from 1960 - 2015, the work there is few and seasonal. But the actual population since 2015 - 2018 seems to have stabilized around 900. I can call the town office on monday and get the information regarding housing market and job situation. Anything else that I can check that you would do ?

Hello Biggerpockets family,

I am newbie to biggerpockets and RE investing, no previous experience in buying.

I found a deal that I would like some advice on. This deal on paper looks too good and when I called the broker he said that the landlord needs the money to start a bee farm. The location for this deal is situated in a smalltown with around 1000 inhabitants and the population has been decreasing steadily. Around 6hours drive from where I live. The challenge here would probably be finding new renters if the existing one leaves. 

It is 3 buildings, 1000m2, 16 apartments.

Asking price: 250 000$

Rents: 100 000$/year

Costs: 44 600$/year includes everything like, heating, water, electricity, cleaning, sewer, taxes, insurance, tv.

Let me know what you think and if you have questions. Thanks, Christoffer!