Ok just got back from looking at a 3-plex. I was not really looking but just happened to come across what I think is a great deal that just got listed. My problem I haven’t set up a LLC yet and am not totally prepared yet.
Details: 1-5br 2-3br seperate utilities. 65K Approx. 15K in renovations. Approx gross rent 2100-2400.(Not so sure on 5br., haven’t seen any listed in the area for rent 3br range from 700-800 per month).
Biggest problem I see is lack of parking. Not sure of boundries as it is a new listing and the realtor didn’t have to much information on the property. It has been a rental for years so am going to get realtor get more info on parking situation.
I know I already started a thread similiar but wanted to explain situation better so I could get some more specific advise.
I have enough cash to buy the property outright. Would have nothing left for any renovations.
What would be my best way to do this deal? Cash or get financing in my own name and transfer to LLC after?
Sorry, I’m a newbie too. No advice but I have a question - you can really get a property for 65K ?
How do you find those ?
Sounds like a very good opportunity if your rehab numbers are correct. Is it livable in an as is state?
Its in a lower class area in the city next to the town in which I live. approx. 10 minutes away. In the town I live you can only get a decent building lot for that much.
Two units(5br and a 3 br) Need just painting and carpet cleaning. The other needs new flooring and some extra help in the kitchen and bath as well as paint.
Any ideas on the best way to purchase given my current situation?