Posted by BillW on February 22, 2001 at 16:04:10:
Just meet with the agent at his office and review the info you want to look at. From an investment standpoint, there’s no reason you shouldn’t be able to see the numbers.
Interesting listings, now what do I do? - Posted by stuartg
Posted by stuartg on February 20, 2001 at 22:57:09:
I have come upon a group of listings: many single and 2-3 family homes that are in a depressed area of town. They are all represented by an agent or broker, and although some of the listings tantalize me with some of the pertinent #s I obviously need to see the whole picture in the form of the previous owners “books”. How do I approach the agent to obtain this information? Do I call and ask for it to be sent over, or do I keep him/her on the phone until I’ve got answers to all of my questions? Help me out on this one! I’m about to dive in but I feel I need some girding up!
Re: Interesting listings, now what do I do? - Posted by stuartg
Posted by stuartg on February 21, 2001 at 08:37:19:
No I’m not going to buy anything yet! This is an older area of a city that is going through a major growth spurt. RE prices are rising dramatically, and although this is an older neighborhood, it is definitely not a war zone or “going down.” Buildings are older and compared to the rest of the city it is just not filthy rich!
Let’s say I won’t have to be a slumlord to keep the cashflow going in the right direction - how do I approach the agent representing the properties to get more detailed info on the pertinent #s. Oh, and many of them have income that is greater than 1% of the asking price- is there a different ballpark for multifamily units?
Re: Interesting listings, now what do I do? - Posted by BillW
Posted by BillW on February 20, 2001 at 23:51:56:
From your post, it looks like you are thinking of buying all of them. If so, make sure you’re comfortable with owning these types of properties. If the area is getting worse (war zone) I think I’d pass. It takes a special type of person to deal in these types of areas. Make sure that you’re ready for it if you want to invest there. Besides, if property values are going down, how will you make money other than being a slumlord?
BillW.