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Updated over 5 years ago on . Most recent reply
Is it a good idea to buy an apartment with no tenants in it?
The property I am attempting to buy is in a very nice wealthy neighborhood in central Illinois, however, It doesn’t have a single renter occupying the property at the moment. I’m wondering if I should forgo buying this particular property without the potential of receiving immediate cash flow starting from day one?
Most Popular Reply
Think of it this way. YOU get to pick the tenants. YOU get to reset the rent rate back to market. You won't have to kick anyone out to do the rehab. You won't have anyone there in your way.
Just do your own pro forma analysis. Leave some margin for overestimating the rent and underestimating the expenses.
How many units is this? The only question I would really have is "why is it empty"?