First multi family!

[Christopher Perry]

Hello Bigger Pockets Community, This is my first post. I've researched and researched more. I created a plan based on most techniques and offering I've found on this site. I closed on my first multi-family a few weeks ago. I didn't know it, my first glance but after the second look I found the potential. I looked at least 3 dozen properties during a hot market in southern Ct. Before I made my choice on a three family. After closing I felt great! I walked around and finally had more time at the property I never had during showings. This is when I noticed things that I never noticed! Electrical and plumbing updates on the outside of walls, other than inside the studs. Obvious structure damages that was tied to other damage that was hidden. Repairs that were there to conceal lack of maintenance. Termite damage for days on the floor joist!!! I got a great deal! I dropped 20k of the asking price and I negotiated the seller to eat the closing cost, but I missed the issues. My Real-estate agent was great and my inspectors were above average. The damage wasn't found until I decided to fix the known problems. I'm m guessing the seller knew the issues and gave me the deal was got because of the known issues. Today I'm 15 days in to demo! I'm now ready to rebuild. There's to much to list as far as descriptions of what's been torn apart but I will be forth coming on the success of my repairs and rental potential when I'm finished. For any potential investors, buy cheap, plan, and don't be afraid to get dirty!