18 unit potential purchase

[Tim Boeving]

Hello BP family. I'm wondering if anyone can give a little help where needed. I have a an opportunity to purchase a 18 unit complex out of state. Seller is a family member and looking for an easy transaction. Willing to do seller financing as well.

I'm curious how it is best go about this process as it will be bigger than anything else I have done. I'm thinking that I should get an appraisal, walk through each unit, verify leases and that no one is behind, and look for any potential updates that need to be made and factor that into the purchase (new roof needed etc?)

Currently I have only run the numbers in the calculator and using this as well as what the owner as verbally said the P and L to be to see its viability. I know the property fairly well as it had been in the family for many years and helped work on some upgrades years ago.

Is there anything that I should consider or know as I pursue this? Should I worry too much about the asking price and put more consideration into the terms?