All Forum Posts by: Eliz Barr

Hello again everyone. What i found out is the owner is a non-profit organization that is about to go out of business, they were mismanaging their money & did not keep up with turnover of units.

Tenants have been in place anywhere from 6 months to several years and I was sent rent rolls and there are more vacancies than orginally quoted so its going to be impossible to get a loan from a bank .

Also with a little digging around the internet I found the owners wre also $30,000 delinquent in taxes

Thanks for the advice everyone, i recieved an email back from the seller with a little more info:

There is an on-site superintendent/maintenance man. The building does not have any known structural damage, A contractor has been through there a couple times. All mechanicals have been serviced in the past 12 months also. The only work needed is general cleaning & painting of the units. Most tenants are subsidized, so rents come from non-profits & the government each month. If others don't pay, they're evicted or given "cash for keys" to move out.

Also i looked up the crime rate and area statistics. Its a "historic district", pretty safe area and its within walking distance of a few local attractions and stores. The only negitive thing i really see is the school district is terrible.

Its only been listed for 32 days so this just came on the market. The seller claims it would only need minor repairs like paint/cleaning but i'll probably go check out the buildng/area in person tomorrow.

It does seem too good to be true but who knows, maybe the owners made a great profit off of it and don't feel like caring for it anymore. One can only hope

I did a little research and found out a one bedroom rents for about 475 a month and tenant pays electric and cooling/heating.

I found an apartment complex (2 buildings) for sale, $265,000 each

According to the information given in the listing, right now it has 44 units, 34 of those units being occupied.

Most of the vacant units are ready to rent with others only need cleaning and paint, each building brings in around $10,400 a month full occupancy with the tottal gross income per year being $250,000 and the net icome per year being $140,000

To me this sounds like a good investment unless there's something i'm forgetting to factor in
Any advice?