How can a get a great deal on a multi-family property?

Answer 1

Finding run down places are an excellent way to make a great deal on multi-family units. Finding them either in pre-foreclosure or REO is another way to come across them.

The best way is to find one make the best possible deal you can on the sales price. Since lender's consider them as a single family residence move into the one unit as your home. This way you could, if your credit score is high enough, get in with a 100% loan. Have in your sales contract that the buyers are to pay all closing cost. Now you are into the property with no money what so ever out of pocket and you have 2-3 tenants to assist you in paying your mortgage.

Do this about every two years or so and pretty soon you will have wealth and a little income.

Don't forget to set aside some of the monthly rent for repairs and other emergencies.

You might also join the local Housing Association to assist you with the correct rental contracts, a way to run credit checks on potential renters. Learning the local laws and customs on renting. They hold monthly meetings as well as publish a monthly newsletter.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

I have a 6 unit building for sale for $100,000. 5 1 bedrooms and a 3 bedroom. 1 block from campus.

To find good deals I always look for run-down places, apartment buildings that are being neglected. When fixed up, they bring in a pretty decent income.