Re: think I found a great 7unit deal/ need advice. - Posted by phil fernandez
Posted by phil fernandez on January 27, 1999 at 06:46:39:
A couple of things of comment here. You mentioned that you want to offer $310,000 depending on comps and appraisals. If you don’t know the value at this point why do you want to offer this number. You first will have to know what the property is worth. If the sellers are as motivated as they say I would be offering alot less off of their asking price than $20,000. Again you will need to know value.
Also you mentioned about adding on two more apartments. It has been my experience that the cost of two new apartment units will be more than what you will generate from the additional income from them.
Good luck. If your sellers are truely motivated you may have something, but certainly do your homework on value first.