8 Plex plus house- needs ton of work
Hi I am a lead on an 8 Plex (1 bedrooms) plus a 2/1 house. Could rent in my area for conservatively $800 the 1 beds, $1200 the house, or much more as Airbnb units. Seller financed, asking $25k down on $200k. This would be a screaming good deal in my mind except all the units need new plumbing, electric, new appliances, new cabinets, paint and some other lesser updates. I have done 2 deals, both currently making excellent income as Airbnbs ($1-2k/ month net), both I did pretty intensive renovations on (well I paid someone, modified brrr). I could come up with the down payment and enough money to fix one or two of the units right now. My plan was to fix a couple, rent those out, and put income towards the next unit etc til they are all updated. If necessary I could sell one of my other rentals or HELOC on my private home. From what I understand eventually I could refinance into a commercial loan. Basically I want to know if it honestly sounds like I'd be getting in over my head? Is it crazy to consider this? Flaws in my plan? Any advice for me?