How would I go about doing something with 4 plexes?

Rehabbing, Fix and Flip, Rental Properties
1

Hi,

I stumbled on these things and figure I might rehab them and sell them, actually maybe sell them upfront!

It looks like 2 bedroom units would rent rehabbed for $1,100 per month!

Do you think I should sell these to:

The Mail Man?
The Milk Man?
The Lady at the Hairdressers?
The Handyman?
Do you think an Airline Pilot?
Maybe the Trash Guy?
Could the Guy at 7/11 want one?

Gosh I have no idea? Is $1100 dollars a month good per unit?

Who would even want a cheap completely rehabbed 4 unit with adjusted gross income of $3,950 per month?

I have to run over to the toy’s for sale website to see if I can find a cashier to buy one?

I could even make this a creative deal? Wonder if the people at Disney want a 4 unit building?

I’m thinking? I’m thinking? For the life of me I can’t figure out who would want a 4 unit building?

Maybe my physic would know? Time to read the tarot cards!

                   GR
2

Hi,

My Labrador retriever wants one but I'm not sure his credit is good?


      GR
3 
                 GR
4

What in the hell is going on here?

5

X2

GR, has someone hijacked your account? It’s hard to understand what you are asking without a location/context. What are the average rents in your area?

Do you know in Brooklyn, NY, the average rents for a 2 bedroom apt are $3,342/mth? http://www.mns.com/brooklyn_rental_market_report

According to Zillow, the median rent price in Brooklyn is $2,700/mth.
http://www.zillow.com/brooklyn-ny/home-values/

According to Zillow, the median rent price in the Bronx is $1,600/mth.
http://www.zillow.com/bronx-ny/home-values/

A decade ago, you couldn’t pay me enough money to even walk through those ghettos. Point being–the times have changed.

What does Zillow say the median rents are?

You can rent them to anybody if they’ve got good credit and good references. If they’re low income, a section 8 housing voucher will pay a good chunk of the difference. In NY, section 8 vouchers will subsidize up to $1,768 a month plus utilities so that someone with a low income is only paying a third of their income towards rent. https://www1.nyc.gov/site/nycha/section-8/voucher-payment-standards-vps-utility-allowance-schedule.page

As long as those prices in your market are backed by comparables, you can sell it to ANYONE and you can rent it to ANYONE. I don’t get your question.

6

Hi,

Since we can not directly advertise for property for sale, rent, lease option or to network here on REI Club we have to tell a story and hope the reader is smart enough to read between the lines! I think there are over 100,000 REI Club registered members, so hopefully one or two are actually paying attention?

Until there is some way to network the only way to tell someone you have a house for ? (Question) is to tell a story about great, great, great grandpa Platinum Rivers having a 4 unit building for sale, he has four tenants one’s a bar girl, one’s a sheriff, one’s a black smith and one’s a carpenter!

The carpenter helped build great, great, great grandpa’s four unit brand new, there are 2 - 2 bedroom 2 bath units and 2 - 3 bedroom 2.5 bath units in each four unit building, they even put in this newfangled glass product to cover the windows called duel pane low e vinyl and 6 panel doors!

There are going to be 14 of these built, great time was had by all as they can make grandpa over $1,000 in cold hard cash every month over cost’s!

Now do you understand Dave??

                GR
7

Now you know…we aren’t that smart.

8

:smile