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Updated about 8 years ago,

User Stats

35
Posts
20
Votes
Robert Richardson
  • Investor
  • Villa Park, IL
20
Votes |
35
Posts

3 unit "offer accepted" for the first time.

Robert Richardson
  • Investor
  • Villa Park, IL
Posted

Usually I try not to get ahead of myself because until it is in your hands, you don't actually have it, but I'm just too damned excited.  My wife and I just got the email from our real estate broker that "our offer is accepted!"  Woo Hoo!  My wife and I work full time jobs, but have been exploring and learning about real estate investing.  We came up with a plan to try it out and buy an inexpensive house, not too far away because the sales prices were low enough and the rent was high enough.  Looking at houses with a broker that we didn't really like, we met an local investor.  We became friends with him and his wife and we have been trying to soak up their knowledge and experience.  A tip from them about a upcoming neighborhood and we decided to make an offer on a house that has been separated into a 3 unit building.  Our (new) broker just sent us an email that the seller is accepting our offer.  The building has been neglected and needs a lot of work, but all three units are occupied.  My mind is racing with possibilities of how to proceed from here.  Do I kick everyone out, rehab the whole building then find new renters, or do I try to keep one or two of the tenants and work on the units one at a time?  We won't close for a few weeks, so I am going to be spending a lot of time on biggerpockets studying up.  Anyone have any suggestions?

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