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Updated over 5 years ago on . Most recent reply

User Stats

81
Posts
73
Votes
Shirley R.
  • Rental Property Investor
  • Hartford, CT
73
Votes |
81
Posts

Multi Family in Hartford - should I ???

Shirley R.
  • Rental Property Investor
  • Hartford, CT
Posted

Hi all,

I am new here and somewhat new to real estate. I am in the home stretch (fingers crossed) of closing on 2 small multi family homes in Hartford. 

I'm also waiting on a short sale approval for a third one, and that's where I feel I could use some input:

3 family home in south end of Hartford. I offered $130K a few months ago. 

Now the bank appraised it themselves and they want me to match the appraised value of $145k. 

It needs 15-20k work. Rents $800-900 per unit (3 units). Taxes $3700. Insurance $1600.

Should I up my offer to 145k?

Most Popular Reply

User Stats

81
Posts
73
Votes
Shirley R.
  • Rental Property Investor
  • Hartford, CT
73
Votes |
81
Posts
Shirley R.
  • Rental Property Investor
  • Hartford, CT
Replied

@Daniel Francoeur

Well, a year later I guess I'm on the verge of seeing the light here. I'm at the home stretch of renovating the building and have tenants lined up. Got a chance to help a single mom w/ 2 kids out of a shelter, so I agreed to reduce the rent for her. Otherwise, I was able to increase rents significantly (more than 300 a unit).

Hopefully the rough patch is close to over. BUT, I'm not doing it again, if that answers your question. When I buy again (and it will be a while) it will be in B areas.

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