Soooo dazed and confused

[Account Closed]

Thanks for all replies in advance

I have been looking at different avenues for buy and hold.  Thinking about Out of State Turnkey and have some phone appts coming up soon.  Also, I have been looking in my area and found a few that I can rehab myself and doing whole 9 nine yds myself or even choosing an already flipped house to use.  And I should stick with one.  So basically I am getting muddy with choices and decisions and I haven't even bought one yet and feel I am getting too far ahead myself.  

That's where this question comes up....

So, I am looking at a property opportunity for 2-quad plexes. All are 1BR/1BA and 6 are reno'd and occupied at $475, the other two are still being reno'd. PM in place- asking $240K. Depending on what we settle for after offers ($200-215K) fingers crossed> is my comfort zone; conservative 25% down with $150-170K mort./total rent $3800.  still looking at close to $1700-2000 net mo. individually metered.  All includes PM, and tenant pays elec/water. claims of 14% Pro Forma at 100% occupancy, (and I don't even understand Pro Forma, but do know what it is) these calculations are not verified but for the sake of this thread say numbers work!

SO, my 1st question here is how do you guys feel about 1BR/1BA at 620sq ft? you always hear 3/1 or 3/2 family style as the bread and butta but these are "studio" apt and I should market that way.  Any thoughts?

2nd question is what about purchasing THIS as being a first purchase?

Is it - as long as the NUMBERS work and all other factors are good----a GO?

thanks

Rob

[Rob Beardsley]

Hey Rob,

If you want to be an active investor, then I think a deal near you that you can be very hands on with is your best choice. Otherwise, if you are looking at a more passive investment, I would explore the myriad options online such as realcrowd.com or dealing directly with syndicators.