Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

User Stats

32
Posts
4
Votes
Kyle Shepherd
  • Centreville, AL
4
Votes |
32
Posts

Noob - Questions to ask when buying several SFRs as a package?

Kyle Shepherd
  • Centreville, AL
Posted

Hey folks!

I have a realtor contact who is getting up there in years, and wants to get rid of a bunch of his rental properties (including his own house). He owns them all outright and has for years. We spoke the other day and he's interested in selling them all to me, but wants to do so as a package deal, not one-offs.

They're all older homes, built anywhere from the 40s-70s. The brick houses are older but on the "newer" side of older, if that makes sense.

Lot 1 - big older brick house, with a commercial building (warehouse type), small building that appears to be a garage + upstairs apartment? His own property

Lot 2 - old house, rented

Lot 3 - old house, rented (I think?)

Lot 4 - brick house, rented

Lot 5 - empty mobile home lot, rented mobile home lot, a good bit of property that is forest and unusable due to flooding right now (but road access)

Lot 6 - mobile home lot, rented out

Lot 7 - more currently unusable land

Like I said, he wants to sell all of that as a package deal and is open to lots of financing options including seller-financing as long as it's a shorter financing period as he doesn't expect to be around in 30 years.

Here are a few questions. I'm a noob here, so feel free to state what you may think is obvious!

1.) Given that several of the properties are rented and cashflowing, how would I go about assessing the condition of those properties and what may or may not need to be done to them?

2.) What's the best way to approach crunching numbers on this huge deal? I can't imagine a BRRRR approach would work, since the rehab phase isn't possible on almost all of the properties due to being rented out and my unwillingness to kick paying tenants out (one has been there for 12 years, reportedly, and he tells me they all pay on time).

3.) He's agreed to sit down with me and going through all the books, records, information, etc. about each of the properties. What are the big questions I should be asking about each property?

4.) Any other direction / advice on going about this?

Maybe these are too many questions for one post and I need to break them out into separate posts - just let me know and I'll be happy to do so.

Loading replies...