1st Potential Multifamily Unit

[Ryan Young]

I currently have 2 Single Family units and am looking into the possibility of buying my first multifamily unit. The goal for me is to replace my 9-5 income and I believe a mixture of SFH and Multifamily will be the quickest way. I have come across this 10-unit in Hattiesburg (where I do all my investing) and would like to see what you guys think about it. It is listed at $295,000 and could use a little bit of work. It is directly across from the university and I think could be a great property. The current rents are around $400-425 per unit but I think with a little bit of work, they can be around $500 per unit. I would bring on a partner to help fund the 20% down payment and eventually refinance to get capital back out. Look forward to hearing what you guys think.

https://www.loopnet.com/Listing/528-N-26th-Ave-Hattiesburg-MS/14805044/

[Robert Zuccaro]

Hey Ryan,

If you think you have identified a solid deal, I would not leak the specific details of the property to the public. I highly suggest you remove the link for this property and even the area that it's located in as there are always snakes in the grass wherever you go (even on BP!), and best believe they will be quick to take this deal out from under you if they believe it's a solid investment. Use more general details to describe the location such as: located in a area with solid demographics, near a university, etc. Most members of BP will be able to give you a general idea if it's a good deal or not with the numbers alone.

Best of luck,

Rob