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Updated about 4 years ago on . Most recent reply

User Stats

21
Posts
9
Votes
Jeromie Williams
  • Investor
  • Halethrope, MD
9
Votes |
21
Posts

Found a 5 Unit but I don't know if it's the property for me

Jeromie Williams
  • Investor
  • Halethrope, MD
Posted

So, I found a five unit property that is listed at 250k but looks like it needs some cosmetic work done to it. I just got back from the open house and I saw that the owner was kinda neglective. The units weren't kept in the best conditions nor were they updated but it's livable becuase it's fully leased out. So I came on BP to ask how do I know on a buy and hold when im upgrading a property when is to much money to invest. 

Lastly, the realtor told me that the seller would be open to selling the LLC that owns the property becuase he isn't worried about making money off the deal becuase the outstanding loan amount is about 230K.
 

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