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Updated about 4 years ago,
Possible Opportunity in Multifamily investing
Lets jump right in. So I have wholesaled some deals here in Connecticut (Hartford Area) and I've come across a vacant 6 unit building with (two 3 bedrooms & four 2 bedroom apartments) it has been empty for almost 10 years now. The owner owes around 49k in back taxes and 10k in City liens. The potential is tremendous. The property needs everything (Top to Bottom) estimated repair cost is around 150k. Everything has been removed except the framing.
Now the owner doesn't need to sell, he wants to sell. I would like to take this property down myself and Keep it as a rental property, but I don't know what my next move should be. The owner wants 140K, I offered him 65k for it considering it needs a ton of work.
Any ideas would be greatly appreciated