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Updated over 2 years ago on . Most recent reply

User Stats

116
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26
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Greg Larson
  • Investor
  • Knoxville, TN
26
Votes |
116
Posts

Small multifamily struggles

Greg Larson
  • Investor
  • Knoxville, TN
Posted

Hey BP,

I'm currently looking for a small multifamily deal near Knoxville TN but everything in my price point (<$320k) seems to not be panning out and I'm starting to get discouraged with this goal.

The last place I looked at (a duplex), the seller is trying to sell it for $279,900 but the rents are only $700 per side. Even if I raised them to $1100 per side it still wouldn't cash flow at that purchase price. (They bought this place in 2012 for $130k)

This has been a similar story with the last handful of properties I've looked at between March and now.

Im currently living in my RV while I wai for the right deal, and I hate to be sitting on the sidelines with my money in a savings account and not working for me.

What would you suggest I do to accomplish my goal of purchasing a multifamily property and live in one side / rent out the other?

TIA

Most Popular Reply

User Stats

2,616
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897
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Dave Skow
  • Lender
  • Seattle, WA
897
Votes |
2,616
Posts
Dave Skow
  • Lender
  • Seattle, WA
Replied

@Greg Larson- partnering can be a OK idea but it ca also be tricky ....if you do this - seek out a real estate attorney to help draft up an agreeemnt that covers all bases .....also on a FHA loan - a non owner occupied co borrower /partner is not usable

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