All Forum Posts by: Ilya V.

Thanks, @Joe Villeneuve , I found this property over the weekend, so I haven't had a chance to reach the broker yet about rent rolls and repair history. The numbers seem like they are there. Since I am new, I want to make sure I am not just jumping at my first deal while doing something stupid. I appreciate your feedback. What do you think of the deal as a fellow Michigander who would be more familiar with the area?

Hi everyone,

I am starting out in BP and real-estate investing in general. I am looking to get involved in my first property. 

I ran across the following posting and it seemed to me to be non-comparable to other sale properties in the location. 

What flagged me was that this was a 27 unit building for $269K. Granted this property is in Detroit (though not in the worst neighborhood), but they claim 81% occupancy. Other properties with this many units are selling for much more.

I know the maxim of "you get what you pay for," so can you please advise - what should I be looking out for if I invest in this property? I feel like there must be something obvious I may not know about as a new investor that would cause the price to be what it is.

I would appreciate all advise.

Thank you!

-Ilya