Buying 1st 4plex properties....have few questions!!

[Neil Patel]

I'm purchasing (2) 4plex units in Phx Arizona. I've got an offer accepted and just getting my ducks in a row..

I appreciate any inputs, recommendation, etc from seasoned investors!

Details:

Price: 440k for 8 units

Avg Rent: $600 (market rent is around $650)

Taxes: 1560

Insurance: 1200

Water/sewer: 2100

Trash: 1000

Maintenance 5%: 1440 , Vac. 5%: 1440 , CapX 5%: 1440

Prom Mgmt 8%: 2300

It's going to be my 1st multiunit...Here's the situation. Seller wants a cashdeal only. I'm offering all CASH deal for this price, going rate for 8plex is between $480k to 520K so I'm getting a lil discount. My thought is to refinance it in 6 months and get money out... It's doable right?

My agent got a hold of inspection report previous buyer got done but backed out. I went over it and nothing seem major issues to fix. So I'm not going to do full inspection, just walk each unit and maybe get a roof inspection.

My questions are:

1. Should I still do my own inspection from a professional or since other report is done within 1 month, should be ok?

2. Should I get a appraiser to give an opinion? OR should I go with comps in the area if they are all higher than this property?

3. Any tips on getting cash refi any sooner? (I'm borrowing some money from friends)

Thanks!

[Anthony Gayden]

Please get a full inspection. It will be the best money you spend. Also $220,000 for a 4 Plex with $600/month rents doesn't seem like a good deal. Especially if it is an all can purchase. 

I invest in Phoenix as well, so if you wouldn't mind telling us the general location.