12 Unit REO
I am interested in (3) bank owned 4plexes in a low-income area. They are 2b/1ba townhomes, MR would be $445-$495. Maybe more if Sec 8. Bldgs are brick and siding. Only (2) of 12 units are rented if rented b/c its foreclosed it looks like they're staying until evicted. One tenant said she doesn't pay anything. The price is $72k (ea), can be bought seperately or all in one deal $216k. I can move on 1 doing an OO FHA w/3% dn, purchase and rehab rolled into a construction loan good up to 12 mths before refi and making mortage payments. But if I go for 1 I'ld want them all. Any suggestions how to eke this out of the bank. Is the end of the year a good speculative time to approach with reasonable offers. Meantime I've checking other star-up cost like Ins, utility deps. mngemnt cost etc. This would be my first multi but I have a new con. in the process. I'll take my deal and any other feasible sugs. to the bank.
jminor
These sound like darn good deals. I would call and call every source you know to get the money for them all. Hard money is a source too that may help but expensive, it would still be worth paying the points and fees to get all the units.
Check to make sure they will rent when fixed. If you have the nicest and cheapest it will rent first in a tough market even when others are vacant with no action.
December is hard to get stuff done, vacations, parties etc. Hard to rent units too in Jan and Dec but do not let it slow you down. You can make it with just 50% occupied with those numbers. Sounds like the good old days.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Time to sharpen your management skills ,, be firm , and , clean out the trash
sounds like a good place to start.
BOL.
thanks for the responses
I've got some contacts that would be interested in your deal. They are very reliable. Send private.
Mark
Haven't seen em', but by the numbers it's a great deal (assuming minimal defered maintenance)