Moving too fast with no money

[Akkiemaj Frederick]

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. 

[Jim K.]

@Akkiemaj Frederick

I found the place in Clairton. Clairton very simply doesn't have a future.  That's why this is being unloaded. This is going to take far more money to renovate to operational status than you are ever going to see out of it, and finding the people to do it for the price you will need will be impossible. Houses in Clairton average about $25K. Don't do it. There are a bunch of towns around Pittsburgh hat are doing their best to unload as much garbage as possible. My working theory is that the census of 2020 is going to put an official stamp on how these communities are being abandoned and people there are moving back toward the city from these far-flung communities. Clairton itself is well along in this trend, it's lost about 67% of its population since the 1960s.