Property Number Three

[Alex Korch]

Well this will be the third property I have purchased or been involved in the purchase of since leaving the auto industry in September of 2019. 

I supposed this could be a 3 unit. 1 2 bedroom 1 3 bedroom and a garage. The building is old and not really in the uhh highest rent district.... But it is 2 doors down from a hosipital that has recently been taken over by a larger health care group and according to the people I have talked to in the neighborhood things are much safer. 

The listing was for $159k we settled at $152 then after inspection they granted a credit to us just north of $14k to do repairs. None of these repairs are major there are just a lot of them. The previous owner seemed to have run out of money. Last year they put in a new oil heat and 2 gas hot water heaters, painted most of the building, and started to do interior work.

We bought this building for just under a 12 cap not counting the money back. This is going to be a flip unit for us.