Need Help Reviewing a Property

[Jeremiah Jares]

I just found this Multi-Family property that could be my first investment and at the risk of someone snagging this from under my feet, I wanted to ask a couple of questions.  I've never done any real estate investing minus one time being a GAP lender for someone who introduced me to the world of real estate investing.  

I'd like to get a multi family, but I'm unsure of where to even begin, this just seems so complicated.  I know there is no reward without a little bit of risk, but can someone offer me any advice regarded where to start.  Realistically maybe this property isn't good for a first time investor so worst case I hope I help someone here find a potential good investment.  Please check out the property in the link below and I'd love to get some advice.  Thanks for any help you may provide!

-Jeremiah

http://www.mlsfinder.com/il_mred/kw_142/index.cfm?...

[James W.]

I agree with determining if you are able to get financing first too and would consider the following as well:

-How are you going to manage it from GA?  From what I have heard, GA is a great market to invest in.

-I'm not sure what kind of capital or experience you have, but 8 units as a first investment seems a little aggressive

-Looks like it just sold for $40k less two years ago.  I'd be curious why the last buyer is already selling if it is such a great investment.  

-In analyzing it, I would want more info on the financials than what is provided.  The gross income figure suggests each unit rents for $700/mo.  I don't know that area well, but looking at apartments for rent on craigslist in the area, it looks like there are tons of places less than $700/mo.  I'd look into it more to see if it is sustainable at the current rent levels and get information on the rental history.

These are just a few of my initial thoughts.

Good luck!