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Updated over 10 years ago,
What do I do next?!
Hello Bigger Pockets.!
This'll be the first question i have asked on this website and boy is it a doozy. So I just moved into the Fayetteville NC area about a month and a half ago, I'm in the military but looking for a means to exit through real estate investment. I do have some experience in residential housing, I worked as a project manager for a residential builder and have seen the construction process from the first shovel in the ground to delivering houses to customer.
Today a possible opportunity was presented to me. I was speaking with an agent in the area (who I have not actually met in person) and she informed me of someone she is representing. They have a 6 town houses so 12 units total in a low income housing area that is up for sale for $350,000. They each rent for $450 a piece and all but 1 is currently rented. This is not section 8 housing but it is in a low income area. As of right now I have not been to the development to see the property but I was told that there is enough room for at least two more sets of duplexes. I will be visiting development later this evening or sometime tomorrow. Can anybody give me any advice as to what I should be looking for (in general) on my first visit to the development.
Additionally, what else should I be asking? What kind of paperwork should I ask to see regarding this development. I am completely clueless when it comes to this complex. In my opinion this probably is too much for me at this time, but I don't want to let a great deal pass if this is one.
I'm sure I can find a lot of these answers on this form, unfortunately I am computer illiterate. I have been fumbling around the site aimlessly doing my best to try and learn how to navigate it. I will continue to look around but if anybody has the time to lend me their opinion I would truly appreciate it.
I do realize that this is a very open ended topic, but I'm just looking for a general direction to try and focus my energy so that I'm not spinning my wheels.
As I stated earlier I do believe this maybe too much to take on, but I am not afraid of 12 units nor am I afraid of low income housing.
Thank you in advance,
Frank Caputo