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Updated over 10 years ago on . Most recent reply

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81
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Phil C.
  • Queens, NY
10
Votes |
81
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Buying an Semi Attached Multi Unit but attached to abandoned/condemned building

Phil C.
  • Queens, NY
Posted

Hi, I'm looking at a 3-unit house in Philadelphia for about 175k (Corner property with two houses attached).  The photos look decent and livable and I want to take a trip down there to visit.  Rents would go for about $700/mo so the numbers make sense, but on google maps it looks like the two houses its attached to are abandoned/boarded up.  One looks like it has a huge 2 ft hole punched right through it like if a wrecking ball slammed into it.  Not too mention almost all the windows broken out. 

Do anyone have any advice or experience to share about such opportunities?  I'm afraid I buy this house and no one rents it bc its attached to two abandoned homes.  Or do I try to buy the other two for cheap fix it up with a larger bank loan and rent them all out.  

Any advice would be super appreciated!  Thanks!!


Phil

Most Popular Reply

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3,866
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Rick H.#4 Marketing Your Property Contributor
  • Lender
  • Greater LA/Orange County area, CA
3,548
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3,866
Posts
Rick H.#4 Marketing Your Property Contributor
  • Lender
  • Greater LA/Orange County area, CA
Replied

Wouldn't this be like marrying a 5 times divorced woman whose both Mom and Daughter are in prison?  

You think your experience will be good?

Old Chinese saying: "Marry in haste. Repent in leisure."

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