OfflineI have found this 4 appartment 2br each complex for sale. Built in 93 sitting on 1.16acres. In the last 3yrs 3 of the units have been redone, they have new hvac, new roof and floor coverings. Can someone please help me with steps i need to take . The asking price for this 160,000,is that a good deal? And if so what about financing my credit is terrible, and i am broke. thank you for your time . PS. if anyone would like to any further details on this PLEASE feel free to pm me or call me 1-606-307-4901.. steve.
__________________
Your asking if 160k is a good deal. You need to find out the Comparables, Cap Rate, ARV, How much are the rents or is it rented, etc. Don't get too excited, find out why they are selling it. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
i need help getting started.i would like to have a coach are someone from your support team contact me.
Ask the seller for a rent roll. This is an account for rents people have paid, how much income the apartments brought in over the past year or so. Find out what the vacancy rate is and what it has historically been over the past few years. Find out appx what they spend in repairs per year, look at the county treasurers office to see what yearly taxes are and if they are paid up. Find out from the city codes inspector if they are in any codes violations. (I try to know everything about a property before I make an offer)
Try to find out how much any other apartment buildings of the same size, same year, same area, Same bedrooms and baths, same or close square footage etc..sold for in the past year. I will find you a formula for finding out what a good CAP rate will be so this apartment will cash flow. IF you can't get at least a 10% CAP rate...or a 9% CAP rate (at the least)...it will not cash flow.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"