old multi-family building or new?

[Edita D.]

We bought a 4-plex built in 1950, and there are SO MANY things we have to fix. It was a good price but we are new to this and it's really time consuming (electrical upgrade, new water-heaters, etc). According to Bryan Chavez (he wrote Buy it, rent it, profit! book), it's recommended to buy homes no older than 15 years old. Which advise do you guys go by?
thanks!!!

[Jon Holdman]

As long as you buy at a good price, including any rehab needed to get it in good shape, it doesn't really matter. No matter the age, if you're in this for the long haul, you'll have to buy all those expensive items.

All too often people who sell books, course, boot camps and mentorships grossly underestimate the true expenses of rental properties. Buying a newer property gives you a bit of runway before you start hitting these big expenses.

[Nathan Emmert]

I like old properties myself... I think of them like old cars.

If you buy a car that's 2 years old and keep it for 5 years, what has happened? You've gone from an almost new car to what most people will see as an end of life beater. It's going to have 100k+ miles on it. It's not worth much.

Now what if you'd bought a 10 year old car and kept it 5 years? You bought it with 200k+ miles on it... it's now got 300k+ miles on it. It was a beater when you bought it it's still a beater. The depreciation had already happened and you get to enjoy the usefulness of a depreciated product without suffering that setback yourself.

I see property much the same. New homes aren't so new 10 or 15 years from now. Do you want a property today with an 80s decor? Golden oak and floral wall paper anyone? But if the property is already 60 years old.. what's another 20, 30, 50 years? You weren't paying for "new" when you bought it, you don't need or expect it when you sell it.

[Edita D.]

what a valuable advise!!! Thanks!