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Updated over 10 years ago on . Most recent reply

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Adam Brown
  • South Orange, NJ
0
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12
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Buy-and-hold newbie question - Section 8

Adam Brown
  • South Orange, NJ
Posted

Greetings:

I wanted to know any considerations I should have prior to buying a multi-family. 

I am interested in purchasing a multi-family house, for a few hundred thousand. The problem is I am afraid I am paying too much, and I am worried I may get stuck with a huge debt that will not off-set , if I sold at fair-market value down the road. How should I proceed? 

FYI 

My cousin has done this and will be holding my hand the entire time, however, he has held his properties for decades, while I would want to sell in 5 years. 

Thanks!

Most Popular Reply

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504
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395
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Joseph Ball
  • Residential Real Estate Agent
  • Groveland, FL
395
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504
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Joseph Ball
  • Residential Real Estate Agent
  • Groveland, FL
Replied

Don't do it. Buy a single-family 3/2.

I have said this before. This is like someone who says, "I would like to learn to fly. Let's start with that 747 on the runway over there. I would like to start with solo. Can someone please tell me how to open that funny little door?"

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