quadplex

[Teresia M.]

I am a newbie, and I have been following a foreclosed quadplex, it was under contract but now it is available again but has not been re-listed. It needs some rehab but it is really a great deal, basically flooring and a kitchen in two units. All four units have new electric and plumbing. Asking 69K should appraise for at least 120K, that is what the neighboring quad sold for in June 2014. My credit score is low and funds are limited, how can I get creative with this when it is a REO?

[Brandon L.]

Originally posted by @Teresia M.:

I am a newbie, and I have been following a foreclosed quadplex, it was under contract but now it is available again but has not been re-listed. It needs some rehab but it is really a great deal, basically flooring and a kitchen in two units. All four units have new electric and plumbing. Asking 69K should appraise for at least 120K, that is what the neighboring quad sold for in June 2014. My credit score is low and funds are limited, how can I get creative with this when it is a REO?

I am all about being creative, but you have to ask yourself a question. Do you want to buy few run down fourplexes, and stall out, or do you want to have extraordinary success?

Credit, and cash are eventually going to become very important. Excellent credit alone can  be a strong partner with absolutely no say in your deals.

My suggestion is to be super creative and invest 12-24 months in a strong foundation of knowledge, networking, personal credit, business credit, and saving as much cash as possible. Then you will be able to purchase higher quality properties that will get you to your goals faster. 

It takes the same amount of work to buy 4 units, as it does to buy 20 units. Make the best use of your time.