Thoughts on this possible purchase

[Garrett Blanchard]

Looking to purchase 6 units. It is (2) 3 unit residential units. 120k cost. Approx $12k/yr taxes and water/sewer. All utilities paid by tenants except water/sewer. Currently all units rented with Long term tenants without leases, but no back rent owed. All 6 units could be raised $100/mo minimum as they haven’t been raised in years. Monthly gross income is $3275. (5) 2bd/1 bath and (1) 2bd/2 bath. I know the current owner. They have owned the property along with other properties in the area for many years. The family is just ready to move on from this particular property because honestly no one wants it anymore and everyone else has their own lives that they want to focus on. On paper and in my mind this is a smoking deal and I should jump on it. Just looking for other opinions about the deal.

[Garrett Blanchard]

Originally posted by @Lexi Teifke:

@Garrett Blanchard in my market that deal is unheard of ! Numbers seem great now just make sure to do the due diligence. Inspections and comps are going to be critical here. What type of financing are you setting up and what is the long term game plan ? Happy to help however I can.

Looking for any financing I can get on it. It is not on the market and they even said they can work with the price to make it work at the bank if needed. I don't have the 20% to put down on it so I may have to get a loan for the down payment privately, but even then most lenders want to see that you had that money for a while in your account before they'll give you the loan. On a deal like this even getting a hard money loan from someone at 10% for 20 years it would be a good deal.