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Updated about 7 years ago,
Comparing 2 deals ( Philly and NJ)
Hello investors, I need help deciding on my first multifamily deal. here are my two options;
Property 1 : Triplex, 2 two Bed Rms ($600), 1 one Bedrm($550). fully occupied but has NO leases. Seller accepted my offer of 145,000 with full assist, but is doing no repairs. there is obvious plumbing issues and will need at least 10k in repairs. But is in a booming area. taxes are under 2K.
Property 2 : Triplex, 1 two bed ($850), 1 one bed ($650), and 1 studio ($550). the two bed is vacant, other two has long term tenants and 1 of them is section 8, property is professional managed and need no repairs. my offer is accepted for 133,000 full assist. needs very minor repairs, but i'm not familiar with area. I do know that the property value wont be raising no where near as fast as philly.
Thanks for your time and feedback!