Would Like To Buy 16 Units
I NEED HELP. I would like to buy 16 Units appartment building in NC,
Income 81,000 total expenses 57935 asking price 325,000. Does it sound rigth? In the area the rent is about 385.00 2 bedrooms 1 bath. The owner says that they are renting betweet 400 and 500. I have an appointment to see the appartments on Wednesday, what sould I ask to make sure that all the things he says are true? This is my first time buying more than 3 units. 8 Uni 1b, 8 2b. Also, I live in MD will I have to pay taxes here and there from the rent?[ Edited by fredy on Date 03/26/2005 ]
Expenses HVAC 10770, Sewer,trash.water 17083, taxes 14524, other 4082, 5% vacancy 4215, electrc 1830, insurance 3559, managemeny 1850 and a few small exp. year build 1865. thanks.
So how did you arrive at the $297,000 value?
Yeah, anything you can buy for half what its worth is something you should take a look at, especially if you can get seller financing to make it easier to acquire.
i came up with it by multiplying 10 by the NOI
Make sure you think of all possible expenses, including vacancy, maintenance, and management. If you have the NOI right, it definitely sounds like a good deal.