Not Sure If I Should Purchase Multi- Family?

I am looking to puchase my first investment property. However, I am a bit hesitant due to the fact that it is a multi family unit and currently they are not moving on the market, nor are they renting well. If anyone has any advice on this I would greatly appreciate it; thanks! :-o

Comments(4)

  • who_me17th June, 2004

    um...yes?

    ok, done being sarcastic. Investing in RE is a good thing, but there are many bad deals out there too. In order for you to get a really good answer here, we will need as much info as you can on this property in question.
    price? terms? rents?, # of units? utils? and this is the short list.

  • deb81117th June, 2004

    Sorry I did not give too much info. The house is on the market for $63k but it is a forclosure so I would make an offer of about half the amount. This would be due to the amount of repair that needs to be done (about 30k) I haven't had any kind of inspections or estimates as of yet. I am just begining my RE path so I have much to learn. So please be patient with my lack of knowledge..it is getting better.

    Thanks Deb tongue laugh

  • deb81117th June, 2004

    See I already forgot to give other info. There is no tenants, nor a pro forma available! It is listed with an agency, and I was told it was selling "as is". As I myself am rethinking that this might not be a good first investment :-?

    Thanks again
    Deb

  • who_me17th June, 2004

    Hello Deb,

    sorry about that remark. I don't have a lot of experience, and have only made 2 traditional deals. Made a little, just enough to get me really into REI.

    Being that you are just starting out, take some time to read though the articles at the top. Try to see if you can figure out what area of REI you want to be in, and then study that selection, then go for it. Don't let information overload slow you down. If you try to know ALL the different types of REI, you will never get the first deal. Example...if your interested in foclosures work those, but then add at a later date maybe sub-to or short sales to your toolbox.

    Best of luck to you, and enjoy this website. There are some great investors here that are very willing to help.

    Dave

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