Posted by J. Todd on December 23, 1999 at 10:21:10:
Dear Fran,
I’m not an expert at this, either, but your six-units sound like a loser. I wouldn’t fight to try and make this into a great deal, there is too much chance you will miss some detail that is going to hurt you down the road.
Look around instead. Use what you have learned to find a real deal somewhere else.
Good luck!
J. Todd
how do i do this deal? - Posted by fran harvey
Posted by fran harvey on December 22, 1999 at 15:25:38:
hi everyone,
here is my question i have found a 6 unit building
in need of alot of repairs roof, firealarms etc. they are
asking 75,000 but is only worth around 50 the way it is and
i know they have turned down an offer of 40 already. the
house is in pennsylvania in a good area. my realtor says
the rents are around 5 to 600 a month for a one bedroom
buy the way they are all 1 bed. what i want to know is how
to buy this place without having to put 30% down. also what
else should i keep in mind when buying a multiunit building
i only own single dwellings and have know experince in this
area. just to add the property is vacant now and it has a
cease operations sticker on it from what i have heard the
head of l&i lives across the street and does not want it a
six unit building so it has sat vacant for 2 years because
he made up something about it having electric problems. but
it was really because the owner and the tenants were
terrible drugs etc.
thanks for all your help inadvance if you need anymore
info please ask. fran