Existing loan assumable?

[Habbak Burs]

Hello Everyone,

I was looking at a property that is being sold as 3 homes on 1 lot... 3 SFR on 1 lot as a multi family... any pros or cons of looking at this?

Second question it says existing loan assumable... what does that mean and is it a good or bad thing?

I would want to buy this property & then rent out the units for cash flow.

Thanks