@ Chris Soignier I have no experience, and I'm not surprised either. Again, this was mainly for learning purposes, even though if he decided to bite, I did have the funds to make something happen.
He was asking $395,000, and said it recently appraised for $319,000. After visiting the property, it was obvious that it needed work. Off the cuff, it needed a new roof and a bunch of fascia repair. Some windows were broken on the units, some were missing exterior door handles. He asked me not to talk to the tenants, so I didn't get to see inside any of the units. I can only assume that they were in just as much need of repair as the outside. There's government housing across the street from this property.
This is in middle Georgia, and the seller was in California. In his add on craigslist, the seller claimed that it was a turn key property because they recently renovated it. His detachment to the current status of the property became evident upon viewing it. It was anything but turn key. He told me it grossed 7k a month fully rented, and that it currently only was half rented out, producing around 3k.
Was I trying to steal a deal? You bet I was. That's the name of the game isn't it? ;) The seller claimed he was motivated, I had nothing to lose, so I went for it. Also, I feel it important to mention that I wasn't going to offer him after I viewed the property, but he insisted that I did, no matter how "low ball" the offer was.
