All Forum Posts by: Maurice W. Evans

If this house is as bad as you say and been on the market for years, he'll let it go for around 40k is my guess. That being said, it'll take a lot of momentum to get it up to speed and a lot of moxy to deal with the neighborhood and clientele. Unless this is your skillset like our boy @Dennis M., I'd let this one go. Maybe see if this guy has other units that he's looking to offload?

Good points

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Originally posted by @Michael Kiley:

Originally posted by @Anthony Wick:

@Maurice Evans

You can’t save everybody.

Pun intended? (He's a pastor)

Lol

1 Vote

Originally posted by @Shane H.:

Maurice - is the triplex in Plainview?

Google shows it as South city?

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This is why I love my BP family :)

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Originally posted by @Account Closed:

I know in my city, some of the most "stuck in a rut" areas are when there are a lot of rundown duplexes all in an area, but all owned by different owners. It just takes a couple slumlords with nasty gang banger/drug addict tenants to ruin the whole area. I avoid anything like that personally

I think you are right as that seems to be what is happening here, they all have different owners and none seem to care about the tenants or property.

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Originally posted by @Michael Noto:

@Maurice W. Evans If purchased at the right price the only thing that would turn me off to a deal like this is the fact that the property is in a rough neighborhood and the tenants, All of the other things that are wrong can be fixed.

Yeah, i guess you can't put good tenants in a bad neighborhood...at least not for long anyway.

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Originally posted by @Victor N.:

If this is where I think it is, a future buyer won't be able to finance a purchase so it will be owner carry or all cash only. There will be no appreciation. This is a cash flow play with war zone tenants. These were temporary housing built during WWII

My wife did say she heard these were originally military housing of some sort. (We have only been in the midwest 5 years and don't that part of town at all)

thanks for the heads up

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Originally posted by @Ned J.:

The fact that you "feel bad" for these people's living conditions is a warning sign that you may be thinking with your heart and not your head. Unless you want to take on the role of social worker and try and pioneer the improvement of the entire neighborhood, then I would pass.

You are 100% correct. I am doing that.

As a Pastor and one who is socially conscious, the injustice really riled me up. However, I am not called (or resourced) to relieve an entire neighborhood of its decades of baggage.

Thanks for the check.

6 Votes

Originally posted by @Brandon Sturgill:

@Maurice W. Evans sometimes opportunity looks scary...is there any other renovation going on in the neighborhood...neighborhood watch groups...on Facebook...it sounds like a war zone. If there is no stability or upside, this may not be a good deal...irrespective, you'll have a huge capital outlay getting this ready for tenants...are you coming out of pocket?...remember, this thing has to appraise if that's your exit strategy.

No Reno that I'm aware of. Just a depress area. I feel bad for the people that are forced to settle for such conditions.

It would be a but and hold strategy, not really easily flippable in my opinion.

But should cash flow. :/

Is there a way without coming out of pocket?

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slumlord is a pretty harsh term, however, let's say

-Its a rough neighborhood (some spray paint and busted windows on various bldgs)

-A bunch of 2-4plexes on the block

-the living conditions of current tenants is bad (partial electricity, no hot water, holes in windows and walls, rats)

-some visible mold on a couple walls

-doesn't seem to have had any management/maintenance at all

Owner hasn't been able to sell for a few years. recently dropped from 75k to down 60k (a year ago a similar triplex nearby sold for 75k)

The owner is out of state and will carry a note - willing to take 10k down and carry 30 years @5% with 5 year balloon through his realtor.

has 2 2/1 on each end that will rent out for about 450 and in the middle a 1/1 to rent about 350

Personally, I can't imagine allowing people to live in such conditions, and would have to fix it up as best as possible - keeping in mind the neighboring houses are in disrepair as well

sounds like a great deal but also a potential nightmare

:/

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All Forum Posts by: Maurice W. Evans

Maurice W. Evans has started 15 posts and replied 79 times.

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord

Post: Would you buy a tri-plex from a slumlord