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Updated over 7 years ago on . Most recent reply
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Four-Plex for $80,000?
Hello,
I'm currently reading through the bigger pockets book "The book on rental property investing". In Chapter 3, Brandon breaks out what to do each year. In this chapter, Brandon talks about buying a 4-plex for your very first home in the first year for $80K (valued at $100K), and only having to spend $4K in repairs to renovate/rehab. I'm in Colorado and it's hard enough to find a 500 sqft, 1 bed / 1 bath CONDO for $100K here. Are there really 4-plexes in the United States that you can scoop up for $80K and only spend $4K ($1K/unit) to get into rent-ready condition? I find this scenario highly unlikely. I understand the concept is to find a good deal and be able to cash-flow it right away without dumping a ton into rehab costs, but has anyone been able to accomplish a miracle deal like this? If so, where & how do I find such an amazing deal like this? Do I just need to expand my network a little and meet some more people?
I currently own one rental property (condo) in Arvada, CO, and am looking to buy my next investment property in the next 12 months. I'm not entirely brand-new to real estate investing, but I know there is still a lot for me to learn in this world.
- Seth Wilcock
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Most Popular Reply
Seth,
Here in the midwest there are plenty of 80 k 4 plexes.. I own one... However these lower end properties are not for beginners.... It was my first purchase.... No need for mentors or any type of third party education. These will teach you everything you need to know about court and evictions and screening. I wish bp wouldn't glorify these properties..
Just my 2 cents
Peter