Updated about 3 years ago on . Most recent reply
First deal, total newbie. Need advice if possible please.
Good afternoon,
I am close to purchasing my first deal. I do not feel as if it is a good deal and I am a little hesitant.
The property is located on Glenmore in Cincinnati. The deal is a 4plex at 260k. Currently there is 4 tenants, 2 under rent. I should get 700-750 per door. After the inspection, there was pretty much only issues with the sewer line. However, it was an improper pitch. I got a 2nd analysis, it does not need an immediate repair but 10-15 years I can be about 15-20k. I have an appraisal next week. I went 10k over asking which I should not have done.
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#3 Managing Your Property Contributor
What is your question? Assuming you are renting out all 4 units, are the tenants on leases or month to month? Do the rents include utilities or are those paid for by the landlord? Are there any restrictions on rent increases? What are the costs with your mortgage, property taxes, etc?
Hopefully your offer states that you get copies of the leases/rental agreements, prorated rent and the security deposits transfer over to you.