Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago,

User Stats

13
Posts
0
Votes

Moving too fast with no money

Posted

There is a scattered site portfolio available in a smaller city near Pittsburgh. Includes 64 individually deeded units in one housing plan with tremendous upside potential. 8-10 units currently rentable. 3 structurally unstable units possibly need to be demolished. 51 units require gut rehab including water/sewer, gas lines, new electric service, windows, doors, roofs, furnaces, hot water tanks etc. Ad says "Great opportunity if you are in construction or have significant experience in construction and rehab."

All for 99k. Taxes 18k year

Well my husband and I are new new new to investing and construction. Although we come from a plethora of construction members in our families, including electricians plumbers and roofers. And we have no money. we could make this happen through seller financing, but I worry that it will be hard to fill up 64 units, we don't know the area that well it is a b/C area. Not a bad place. Just not in Pittsburgh. 

And even if we do get a great deal for seller financing, where do we get the money to rehab all of these properties? We are not worried about turning a profit immediately but we don't want a negative cash flow. 

We are in the midst of house hacking a 4 unit multifamily and I keep telling myself not to rush anything yet this seems like a deal...64 units for about 1500 each. Yes plus work. 

Loading replies...