2 properties

[Bobby C.]

Hey all,

I have two multi-units I am currently looking at right now. If you would be so kind as to give me input, I would be grateful!

1st: Duplex

Sales price at $50,000, but I will be offering at $30,000 and hoping to get in no more than $40,000 cash.

Both sides rent for $400 per month, so it's easily a 2% deal. Long term, cash paying tenants. Separate utilities for each unit.

2nd: 4-Plex

Sales Price $99,900. I will offer no more than $75,000 cash, as 2 units will need a complete rehab. From what I know so far, it will take about $40,000 to rehab both. I would hope he takes $60,000

The other units are currently rented at $135 weekly, but I will be changing that once I own the property to at least a 6 month lease. So, $1080 total income at the moment. I hope to get a slightly higher rent once rehab is complete, but I am only projecting with the current numbers.

All units are subdivided on utilities. The other hang up is that it was built in 1964, so there may possibly be code violations I will need to update such as wiring and plumbing. Yeeesh.

The owner died, and was just a old landlord who kept everything in his head, no paperwork, nothing...

I plan on managing both properties when I return to the Unites States at the end of the year, and have family who can do it for me until then, so I will be paying myself management fees.

This is more a cash flow deal, to help me live on while I go to school. If there is any appreciation, it's just a bonus.

If anyone has any guidance or input, please reply! Thanks