I am going to be doing a walk through of a 4 unit multifamily this Saturday I was don’t want to not ask any questions or not evaluate the property thoroughly. 3 tenants were just evicted so what things may be a lingering bad effect from this? The seller is very motivated to sell which makes me feel good that I could get the price down but makes me weary of why they want it sold so fast. One unit is currently rented to a long time renter (good tenant). Foundation is pretty new as this building was actually moved about 20 years ago. It is feasible for me to lower my offer because only one unit is rented? Any specific questions I really should ask? I know this post makes it sound like I don’t know anything but I really have been studying and researching hard but yes this would be my first investment property. If anyone has some pointers for my first walkthrough let me know cause I don’t wanna miss a good investment but I also don’t wanna dive into a disaster
petrey10 - it may be a little late for this but I will give you some advice anyways. I always stick to an 85% occupancy rate when purchasing multifamily properties. This property went from 100% to 25% VERY quickly which is scary for you. The fact that they were evicted means they didn’t pay their rent and most likely destroyed their units. Tread carefully when deciding on whether or not to purchase this property.