Advice On Multi Units In Elmira Ny
Hello,
A realtor is selling contracts for multi units in Elmira that supposedly have an ROI of 20-30%.
Does anyone know anything about Elmira and does this sound too good to be true?
Many Thanks
Denny
Call the realtor and find out more info. Maybe the realtor found a great deal, but can not or is not able to purchase the property himself or herself. A five minute conversation about the neighborhood, comps, repair estimates, etc should give you some information about the property. Even more important you will learn what kind of person the realtor presents himself or herself to be. Five minutes out of the state on my cell costs about $1.00. Not too bad to get some answers.
Thanks for your info. Have already spoken to the realtor and she has many more properties like this on her books. Most are 4 plex for under $50k. Seems like good value on the surface.
More interested to find out if anyone knows of any underlying problems with Elmira County
Thanks
Denny
I took a trip to elmira. You can find properties with good cash flow. For example i looked at a 39k prop with 1,100 in rents. The downside is the properties are very old and the appreciation 0. A 35k house will probably be worth 35k 10 years from now. Also, props take a long time to sell-- i was told 180 days is avg. The economy is also weak. The neighborhoods are mixed as well so you have to be careful. If you are looking strictly for cash flow its good. I passed due to the lack of any potential appreciation.
ctrei is correct, there is no appriceation, but there is good cash flow.