Beltran, I haven’t looked at this property in person yet. Which adds to some of my frustration. One sight suggests it’s 4 units, while another says 6. Both show 18 rooms and 12 baths but also 12 garage spaces. So traditional thought would suggest 3 bedroom 2 bath units with 2 car garages. But the satellite images show 3 2 car garages so does that mean 3 units don’t have garage? I want to do a drive by to see if I can answer that question/ confusion. But also try to get an idea of the property condition. It was built in 1980. I’m familiar with the street. The rest of the block is duplexes.
Yes a commercial property/ multi family might be a lot to take on. But I’ve been trying to learn all I can on options in expanding my portfolio on single family homes and hadn’t thought about multi family too much. But if I’m going to take the next step I need to take a step. This property is in a nicer neighborhood, and like I said before it’s very rare to see multi family homes come on the market. Maybe that’s why I hadn’t put much thought into it before. As far as managing it, forgive me if this sounds simplified, but I would imagine you carry home warranty on the properties and when something comes up, I would just coordinate through them to get it handled. As far as updated, I’m confident in my own ability to do minor upgrades and I have contacts for electrical work if needed. As far as funding, I have some friends/ family in mind that may be interested in making a contribution for their own investment. What I’m getting at is, I think there are options there. Without seeing the property in person, and just basing off of assumed unit square footage, and rent pricing in the area both for apartments and townhomes or even regular homes compared to for sale pricing, I do believe the property is about 25k over priced. But I could be completely wrong.
