Buying apt. complex I currently live in

[Joe K.]

Greetings Everyone,

I am currently 1 of 4 tenants (landlord included - 2 of 4) living in a building I feel could be my first investment property. Reason being, when I talk to the landlord, he tells me that he is "too old" to do anything with the building (motivated seller?). In my opinion, the building looks like it is in decent condition. I pay 950 for 1bd/1ba in Bronx, NY.

My questions are: How should I approach the landlord about my interest in buying this property? What would I need to determine if this deal is good enough without pulling records from the local office?

[Wade Sikkink]

@Pete Nater Great point. We had 1 vacant unit when we bought the building. We were able to get significantly more rent for it when we rented it out. Our seller had not been real on the ball when it came to raising rents over the last several years.

Increased rents is something you can factor into your analysis.