Hello everybody, I’m a newbie to real estate investing.
I’m interested in multi-family properties and have just found 1, well actually 6 multi-family units with a total of 24 units. Here’s a slight discribtion of it.
24 units, 28,000 SF
2.00 Acres
Occupancy is 95% @ $550 a month each unit
Priced at $1,200,000.00 , (but want to offer a little less)
Cap Rate: 11.00%
Built in 1985
Parking Lot ratio: 4/1000
FMV $1,654,000
this looks attractive to me, tell me how to approch this as far as (well everything) including the offer. I’d like to get it and keep it for a while.
I’ll need a lender to work with me on this too. hmmmmmmmmmm, now that’s the part that’s kinda scarey.
Any and all advice is welcomed.
thank you very much.