I am super excited about interacting with people from various areas of REI to help me get the ball rolling. 

Let's discuss ways to make this more realistic." is way more useful and productive than "Okay, I'll submit another low ball offer if you want me to...whatever you say boss".That being said, what cap rates are multifamily assets trading for in your market, and what cap rate do your offers generally represent?

I've always wanted to rehab, but never had the balls to actually go through with it, I would just wholesale it to someone else.Property Details:4-plex, (2) 2br/1bth units & (2) 1br/1bth units OR if converted 6br/4th2,850 square feet.Currently 75% rented bringing in 1,775 in rent (there is room to increase rents)Asking Price: 400kThere are converted comps at 676k & 755kAfter speaking with the owner, he stated that he was going to attempt to convert it and gathered estimates that totaled up to 100k in repairs.He's also willing to owner finance 200k.

hey welcome, good luck getting the ball rolling, any questions here is a great place to start. 

Sorry that someone dropped the ball by not getting back to you.

Apply that multiple to your actual or projected post renovation rent (before any expenses are deducted to your rent toll) and you'll have a ball park idea of it's true value.

If you are writing low ball offers then you might not be able to find someone to work with unless they just got their license last week and are looking for something to do (waste of time.)  

I'm purchasing a triplex as my first property on the hope of househacking to get the ball rolling.

I told him I didn't want to make a low-ball offer and upset him without seeing it, but reminded him I'd be using this for an investment and I need it to pencil out. 

If I were in the business of buying property and bulldozing what is there to build anew, I would have low-balled the owner and gone for it.