My brother just approached with a project that I must get done in 2 weeks. I have to find a multi-unit complex in WestLA that I will own and manage. The property has to sell within 1-4 years with 30% appreciation – so what should I be looking for? I know it should be a good / growing neighborhood – a place where the rental rate is competitive and can cover at least 80% of the mortgage so the property should be affordable to most people in the area… I do not know much about real estate and would appreciate any guidance. What kinds of questions should I be asking? I only have 2 weeks. Are there any resources that you guys can share with me? Like lists of things to do … where to go… questions to ask… criteria? Any help is appreciated!
Why the rush? The timelines seem spectacularly artificial - like it’s a college project or something.
30% appreciation in 1-4 years in the current market may be an issue.
Based on the scenarios presented, you not only “do not know much about real estate”, you are setting yourself up for an absolute trainwreck.
If the rents cover “at least 80% of the mortgage”, what about the other 20%? What about all of the other expenses (taxes, insurance, maintenance, management, vacancies, etc., etc. etc.)?
I can see no real good coming from this…
Keith
You’re rushing into something that you will surely regret later on. Why the self imposed two week time frame for purchasing a property? You’re being set up to fail.
Thanks for all of your input. Obviously, I know nothing of real estate. It appears that what I stated earlier is pretty much impossible. So what would the next steps be? What’s something more realistic?
The rush is due to having liquid assets (cash) that needs to be invested into property for the purpose of diversifying investments, asap.
I’m trying to learn as much as I can so I appreciate any guidance I can get.