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Updated over 7 years ago,
What if I don't "buy it right"?
Hello brothers and sisters of BiggerPockets👋🏾. I have a situation I'd like some help with. I sent my very 1st letters out and my mothers neighbor (a duplex owner) is welling to sell. The problem is that his asking price is market value😔. I ran all the numbers with the BiggerPockets calculator and it still cash flow a few hundred dollars a month and it makes me feel like it's a great deal but if I'm not "buying it right" I'm I setting myself up for a terrible situation?? Here some information on the deal.
Grade of the area.... C-
Asking price... 75k
Square feet....2000 (each unit is 2bed 1bath)
City..... Buffalo NY
Rent-o-meter........ $1500 ($750 per unit)
Home condition.... C (will need a roof within 5-7 yrs)
Does these numbers say RUN or should I be trying to close this deal asap?
HELP ME BP FAMILY!🙏🏾