Posted by Eric P. Portland on April 01, 2000 at 08:53:29:
Carol gave good basic advice. Here’s a couple more thoughts. Before you spend One hundred thousand dollars, spend fifteen on a book on buying apartments. Don’t trust the numbers the seller gives you. Look carefully at what repairs the seller hasn’t done. Get at least two years rental records including rental applications and credit checks. Look at the kind of tenants living there - Are they the kind of people you want to deal with? Will the place attract better? If not what must be done and what will it cost you? Make your offer “subject to professional inspection and ability to obtain suitable financing.” Don’t get excited. Good luck.