Hello, I am working with a team of newby investors. We met on social networks and we all live in different areas across the country but are interested in getting our feet wet. We have run into some properties that aren't in the best areas because our goal for our first deal is to keep costs low. My question is whether this deal makes sense:
We found an 8 unit multi family deal for $105k in a C area in Cleveland with monthly rent per unit of about $350-$400. The problem is that the seller wants a down payment of $75,000 which is weird to me and the seller is using the "the owner is old and keeps bad records" line to keep from giving us actual financials. Do you think that this deal is worth our time or should we avoid areas like this and deals like this? Thank you.
