The seller, tired of dealing with the property from afar, agreed. 🔑 Moving In and Stepping Up
It was a mess. The owner was an absentee landlord living across the country. Two units were rented way below market value to tenants on month-to-month leases. The third unit—this one—was vacant and smelled of stale cigarettes. buying a multifamily investment property
He almost backed out. But instead of walking away, he used the inspection report as a weapon. He went back to the seller. "The property needs $30,000 in immediate repairs," Leo argued through Elena. "Drop the price by $20,000, or I walk." The seller, tired of dealing with the property
Leo felt a wave of panic. He was about to tie up every cent of his savings into a money pit. Two units were rented way below market value
A quick test to see if the monthly rent equals at least 1% of the purchase price.