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Updated over 5 years ago on . Most recent reply

User Stats

8
Posts
2
Votes
Oliver Graybar
  • Phoenix
2
Votes |
8
Posts

Perfect property but I lack funds. Where to from there?

Oliver Graybar
  • Phoenix
Posted

I comb through properties all the time and I finally came across one that I believe to be an absolute perfect investment. It is a 6 unit (2bedroom 1bathroom per unit) Apartment building that is literally 50 ft from a university campus. It also happens to be about 100ft from multiple restaurants and about a quarter mile from the Main Street in downtown. 3 of the units have been remodeled the other 3 need a facelift but nothing that will absolutely cost a fortune (paint, new flooring, etc.) It is listed at $550,000 which is pretty steep but this property will forever have tenants 100% based on its location alone. In 2012 each unit was renting for $725 a month. I was hoping someone would advise if this is too much to handle and this is a bone head move or I should start my real estate journey with this. By the way I am 23 and work full time as a project engineer for a very large General Contractor (I can fix the other three units myself and have a lot of professional connections in the construction industry if I get stuck) I am very new to this and was just looking for some guidance not a mentor. 

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