Posted by copie on June 01, 1999 at 21:58:23:
how stupid of me!
those are the most important factors and i forgot to post them.
i have yet to meet the owner but i’m told that he’s a retired gentleman who bought the property years ago and has since paid it off. he doesn’t want anymore landlord hassles and wants to get rid of the place…hence the price.
the fact that he is willing to carry a second tells me that he doesn’t necessarily need the money. the rental market is on fire here(because all of the multiunit owners are selling for a fortune in a hot seller’s market). he could, in my opinion do better.
my intention is to create cash flow. i want to buy and hold the buildings and rent them out with a post-expense positive of $500 per month.
how do we do it?