All Forum Posts by: Lance Carver

Trying to decide if buying a 8 unit apartment is worth it... I'll try to give all the necessary information but one thing to keep in mind, this is my first multi family property. 

Property is 8, 1br 1ba. It is two quads. The asking price is 180,000 but I believe I can negotiate the price down to 160,000 0r 165,000. I ask for the rent rolls and got back the last 4 months but all of the units are full. One is behind on rent slightly. The rent for the 8 units is 460.00 per mo and they are on a 1 year lease 3 of which will end within 3 months. 

The buildings could us some new paint and few need new carpet but the overall health of the building are good. I mean good to me I haven't yet had a inspector come out and take a look yet.

The pinch for me is this. I don't have the 41,250 ( using 165,000 as the price) cash to put down but I can make up the difference with borrowing from the 401k. But then I will need to be able to make the payment on the property AND make the payment on the 401k loan.

My question to you more experienced people is what would you do?

Thanks in advance

Lance Carver

I want people's feelings on the idea that I need to focus my niche market. I currently own a single family home that started this whole investing thing for me and to me I look for single family, duplexes, all the way up to quads when I'm ready to buy. But if I understand some of the educational seminars on Biggerpockets they are saying to narrow my niche, maybe to just duplexes and quads. Anyone have any comments about this?

Thanks in advance

Lance Carver

Kenneth, House hack? You'll have to school me up on that one. I would love to find a turn key but if I find one that needs just a little TLC I would take it.

Some advice needed..... When I purchase the multi family homes I wont be able to manage them because of my work. The local management companies all tell me that they charge 10% gross rent for the month. Adding this fee makes finding the right deal on properties a little harder, is there anyone that uses a management company have any advice for me?

Kenneth , I'm looking for duplex, Triplex and 4plexes under the 250,000 range. 

Hello, I am just beginning in the investment side of real estate and have been educating myself about every aspect of it that I can get my hands on and feel I am now ready to take the plunge into multi family investment.