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Updated over 7 years ago,
Great news! BAD news!
Hello!
I have been listening to bigger pockets for a few weeks now and I think I found my first deal!!!
Talk about being super excited. I ran some initial numbers and things look amazing.
The property is going for 200k but the other houses in the area are about 300-350k, so that's a bit of a red flag.
It was bothering me so we did a walk by this evening.
The short story is that we believe that the building is infested with drug dealers. This is worst than drug users.
You can pay drug users a coupla hundred bucks to walk away. Drug dealers... they are in it for the long haul.
We still like the deal, we believe after repairs the house will be worth 100k more than it is worth now and we can rent
out units for at least 1k-1.2k a month, pretty amazing stuff.
HOW on earth can we get those dealers out of the building? We don't think it is a meth lab type situation but we are not sure.
EVERY suggestion will be considered. It is a shame that a house like that is allowed to continue.