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Updated over 9 years ago,

User Stats

149
Posts
52
Votes
Mike Baker
  • Contractor
  • Blackfoot, ID
52
Votes |
149
Posts

Feel I am missing something on a potential deal.

Mike Baker
  • Contractor
  • Blackfoot, ID
Posted

I am currently looking at a fourplex. The units are all 2/1, no garages and each unit is 1020 sqft, and they are all rented. The lady who owns it is asking $345000. This is actually a pretty good price as most 4-plexs are going for 100-120 a door. There have been many offers, but it has been on the market for over 120 days. Found out the reason is the lady bought it at the peak and can't afford to take a penny less, so she won't accept anything less then asking. 

I spoke with my realtor, who is also a property manager and investor herself, and she said the going rents for a 4-pled like it are around $795. The current rents are about $650.

We don't have the 20%down and she's not super interested in owner financing, but I can't help but think there is something to be had here. 

So the question is, what other creative ideas for helping her out of this property do you guys have? Our credit isn't a problem either.

Thanks in advance.

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