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Updated over 4 years ago,
5 unit multi-family - long distance
Hello Everyone,
I've been widening my search for real estate up to a 2.5 hour radius from my home town. The town that I found is in rural PA and it looks like there are a couple multi family homes that are being sold in that town. I did some research on neighborhood scout and took a look at schools and rentals in the area and it seems like it's a pretty nice little town. Here are a few of my reservations:
-This would be my second investment property. My first one was an SFR, this one is a 5 unit multi-family, so to me it seems like a pretty big jump, but I am excited about it!
-Commercial Loans! Never dealt with a commercial loan... kinda figuring out where to start, what the terms are etc
-Inspection for a large multi unit like this. There's currently tenants in all units, wondering how that would work with this pandemic. I assume every single unit will need to be inspected. I haven't even seen pictures of the units, the realtor says they currently do not have any.
-This is a very small town. Population of about 1400 people, about 39 minute drive west from Harrisburg, PA. Wondering if vacancy might be an issue. Neighborhood Scouts estimates it at 13%
-Any gotchas that I might be missing.
Open to all suggestions! Including if you think I'm nuts and should run from this!
Thank you!