Strategy with purchase of family members home

[Alan McDonald]

Hi,

I'm new to REI and have been doing my research for some time now. I have a family member who is looking to sell their 3-family house at a rate lower then market in order to keep it in family in the next year or two. I'm new to REI and was listening to the BP podcast about when you are new to REI to first come up with your niche. I'm thinking if I do purchase this property, which is valuable but would need some TLC, should my niche then be rentals since I would want to keep it in the family? Or would it still make sense to look into other REI niches even though I'm starting with a rental? Does anyone have advice on how to go about this?

[Brian Ellis]

HI Alan,

Welcome to BP.

I believe you create a niche with experience. I say this because I have often "rolled with the punches", and taken  different approaches the more experience I get.

Getting a 3 family in the greater Boston area, believe market value, is a great opportunity. Fix it up and watch how much equity you create.

Good luck!