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Updated about 8 years ago,

User Stats

13
Posts
2
Votes
Levi Caron
  • Investor
  • Jackson, WY
2
Votes |
13
Posts

Looking at a 7plex and 5plex by the same owner and need advice.

Levi Caron
  • Investor
  • Jackson, WY
Posted

Hello biggerpockets community, I'm looking at a deal right now that is a 7plex and 5plex that is owned by the same person. The properties are right around the corner from each other. She is asking 350k on the 7plex and 250k on the 5plex. I would offer her 300k and 200k since her price is a little high per door for the area. She owes 80k on the 7plex and 130k on the 5plex. Each building is renting an average of $500 a door for a 2 bed 1 bath. The average in town is 525-550 per unit. The 7plex is furnished and has storage space to be rented out under the building. She is willing to carry if I pay off the debt. I have access to private money at 7.5% interest rate that is ready when I need it. She has owned the 7plex for 10 year and the 5plex and little less. Her husband passed away last year and she wants to move away to be closer to family. Both properties are in good shape and she has done a good job managing both properties. I would like to create a situation that will benefit both of us and give her monthly income so she doesn't get taxed too hard. I'm looking for advice on how to structure this deal.

Thanks

Levi