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Updated over 6 years ago on . Most recent reply

User Stats

28
Posts
4
Votes
Zach Shrader
  • Shelbyville, IN
4
Votes |
28
Posts

Potential 3 unit across the street help

Zach Shrader
  • Shelbyville, IN
Posted
Across the street from me is a 3 unit apartment that is starting to need work, and is owned by a man who must be in his 90s. My mother’s boyfriend talks to this man and he says that he wishes he sold the place years ago. I’m so excited by this, but the old man has no where to go I imagine and he also rents a unit out to his grandson and the 3rd unit is also occupied. The area is great and the living space is large I know I can get a great deal here. With all that said I think the only way I’ll get it is if I offer to let him live for free until his death. I think he’s 94 to be exact but he could very well live to be 100+, who knows so should I still go for it? My idea is to offer $10,000 cash and rent the other two units. I would still be cash flowing if I own it free and clear with no mortgage payment. Is it a no brainer here?? Thanks in advance everyone.

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