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Updated almost 8 years ago on . Most recent reply

User Stats

39
Posts
20
Votes
Oliver Sparks
  • Rental Property Investor
  • Paola, KS
20
Votes |
39
Posts

My first multi-family, wanting a partner

Oliver Sparks
  • Rental Property Investor
  • Paola, KS
Posted

Most of my interest in REI has been geared toward single family residences. However, I came across a building with 4 apartments that I have interest in. It resides in a college town with the asking price of just over $110k. It has a new roof, plumbing, electrical, sump pump, hot water heaters, flooring in kitchens & baths, sewer line from building to main all within the last six years. And the tenants pay for electricity and gas. They state that the current gross income is $1450 a month. I don't have any rentals in the area myself to compare with, but one single 3br/1ba family house I found is advertised for rent and asking $750 a month not far from this property. This would be my first experience dealing with a multi-family residence, so I'm looking for a mentor/partner to fund and who could walk me through the process in exchange for split profits. Any takers or advice?

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