Updated almost 6 years ago on . Most recent reply
Purchase of vacant 4 unit...
Have had rental units for 10+ years, although the first 10 were not really active. Had a good duplex that we were able to just sit back and collect rent, changed tenants over 4 times between the two units in the 10 years. Been almost too easy, only one issue when a tenant left, she was there and had about $2500 to get it turned over for new tenants.
Now I'm closing in on retirement and looking at picking up a few more units before then to supplement income. Looking primarily cash flow as there isn't a whole lot of appreciation in our area as we are in a pretty economically depressed area without a whole lot of upside in the near future.
Currently looking at a 4 unit, REO. It has been vacant for 3 years, with gas and water off for the past year, but electric is on. We've got the major things on our radar: roof, flooring, furnaces, bathrooms, appliances, etc... Anything that anyone can give for advice on something that we may be overlooking as an unexpected expense in the rehab?