All Forum Posts by: Jared Bendetta

Thank you everyone for taking the time to write back to me. This forum helped me out a lot with the vast amount of knowledge all of you clearly have. I did learn a lot just from all of the responses and I decided to not go with the property. After digging further, I found the back taxes to be more than I could handle and upon visiting the property, my intuition kind of took over; the neighborhood was terrible and run down, the windows and doors were boarded up, trash was everywhere and most importantly, there was no employment in the area. As I've read before, jobs bring the people. 

I'm back to the drawing board. My goal and first RE investment is to purchase a long-term multi-family unit by Christmas. With the continued support of this community on BiggerPockets I can see my chances of hitting that goal are significantly better. Thanks again.

Jared

Aaron, Awesome advice! Everyone knows the old saying, "If it's too good to be true, than it probably is." But, it seems like in Real Estate that old saying is outdated in many cases, primarily because of the investors vision. I've read four books on Real Estate investing this Summer so far and in each one of those books the author talks about the property that they let go because everybody warned him/her about it and how much they regret it reflecting back. Also in those same books most of authors basically try to tell their readers not to go looking for the "needle in the haystack" sometimes it just comes to you. 

I may be too eager or just highly motivated, but after hearing/reading both of these pieces of advice from any type of esteemed investor(s), I can't help but think that this might be one of those properties worth going after.

I do appreciate the alternative strategy advice of tearing the building down, if numbers fall better that direction. I had not thought about that until you said it.

Thanks again.

@Roy N. 

Thanks for the post. As a seasoned investor, what could be some possible avenues to walk down in finding the information I need, to make a sound decision on properties like the one I have described?

My first time investing in real estate and my sights may be beyond my scope. 

An 8 bedroom, 4 full bath, 6200 sqft. Multi-family (quadplex), was built in 1910 and is located just outside of a main city is listed at $4900. Listed in the property details is "Buyer's responsible for due diligence: all back taxes, assessments, water/sewer, any city violations and both sides of closing costs that may be associated with this property."

I am extremely interested in the property because of the potential I can see for a long term rental property. On the other hand, I am worried about the cost being so low because of all the back taxes and any other legal/financial surprises. Fixing up costs I'm not worried about, just back taxes. Should I keep looking for other potentially better properties or should I pursue this property? Any help or comments would be greatly appreciated, considering I have no clue what I'm doing. Thank you in advance.