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Updated about 4 years ago,
Should I jump on this deal?
I found a 10 unit building 8 1bed/1bath and 2 2bed/1bath. in my local california area. They want 1.5million but it is completely empty! It’s great becuase I can get all new tenants in at market rent. But also scary because of holding cost while filling the building up with new tenants. During covid people can squat very easily in california. The owner will do seller financing with 400k down at 4% interest only for 5 years...
the 1bedrooms can easily rent for 11-1200 and the 2bed for 15-1600
Any ideas about this deal will truly help. I currently own 1 duplex I got in 2018 (going great) and am flipping a manufactured home 100 yards from the ocean where people are paying 700sq ft for these manufactured homes... I have a little experience but not too much in being a landlord.
What is your take on multi family in california should I jump on it and lowbal 1.3?