Please Help Me!! - Posted by Jen
Posted by Jen on July 09, 2002 at 02:33:08:
I’m new to RE and currently studying Carleton’s course. I haven’t finished it yet but I got so excited I started looking at ads and talking to people about two weeks ago (I am still in the 30 day trial period).
This is my issue. I came across a recently built BEAUTIFUL complex of townhomes. I have good friends who moved in two months ago (they are renting) and they tell me that with the exception of one other townhome the rest of the complex is empty. Seems the complex is almost too ritzy for the area, or poor marketing, whatever reason they can’t fill the homes. It is close to a hospital and schools and the freeway. The neighborhood is lower middle class with mostly renters in less ritzy apartment buildings.
I am a first time buyer with no cash, potential partners, and ok credit. I’m thinking it would be relatively easy to get them to come down from the 330k (3bd/3.5bth 2,000sqft) due to the vacancy rate. At the very least get a lease option. But I am so green, I don’t know if there is something I am missing. There is a investment club meeting in my area coming up in a week or so (it would be my first) but I want to know if I should act now. I think it would be very easy to rent this out but I read somewhere here that townhome complexes with a lot of renters are not as desirable. Any advice you guys have will be greatly appreciated. Also, please forgive the length of the post.