Posted by Matthew on December 18, 2002 at 12:14:19:
you better find out ALOT more on why the vacancie is so high? even if you fix up the places the lender is going to be concerned with the vacancies- sounds like you will need to L/P at first and then in about a year when you have proof of the turn around more lenders would be interested.
submitting an offer - Posted by Bob Beall
Posted by Bob Beall on December 17, 2002 at 17:13:20:
I Have had my eye on these 5 four family propertis that are all rihgt next to each other. They have been on the market for 9 months. Each unit will rent for 375-400. They are currently renting for 350 but they are only 40% occupied and decreasing everymonth. Each unit needs 3-5k updates. He is asking 109k for each building. Taxes are 950/ building.
Is there a way I can structure a deal so I can go in and do the improvements and rent the units at the new price. Then purchase the property at the agreed upon price before improvements and re-leasing the units.
The Offer was going to be 83k/building.
Any help would be greatly appreciated.