OK, it’s been a while not to post or respond to this forum… busy looking for a deal.
Anyway, I am about to purchase a MF property, based on available data, sales comp & market rents, this property seems to be a good deal. Price much lower than market, rent is also much lower, for potential upswing.
What I am afraid of is the demographic or quality of the tenants in that area, which I don’t have available data to verify. After talking with the agent, I noticed that the current owner is having problem keeping good tenants. These tenants skipped payments and many times being evicted. Therefore, I haven’t seen the property reaches its potential. What do you suggest in this matter, can this problem be fixed? Or tenants in certain area always like that therefore the problem will continue to exist?
I know if I can establish this property, I can get good ROI, however, if this problem continue to exist, I will have a minimal ROI that is better off to be invested elsewhere. Any input?
Thanks in advance,