The Four Unit
Posted on March 8, 2007 - Filed Under Business |
The four-unit property I looked at was quite nice.
The four units: Two bedroom house, two 1 bedroom apartments and one studio.
Spanish style. The front house has refinished hardwood floors, complete with the original built-ins. The bedrooms, both of good size have large closets and share a good size bathroom. The kitchen . . . well let’s just say the kitchen desperately needs my touch.
It’s fun to let the imagination wander. Visions of new walls, new ceilings quickly flooded my field of vision. Hardwood floors underneath the carpet in the apartments? Nice.
For the moment, I feel good about this property.
It is a buyers market. Sellers are paying all closing costs. Prices are dropping. Knowing this, something can be put together that will work to my advantage. The objective: have a small amount of instant equity, when purchasing a property.
For the offer, it goes like this:
(1) $20,000 below her selling price. She bought the house in 2000 and it’s tripled in value. I’m sure she can give up a few dollars for me.
(2) $12,000 towards my closing costs. That will keep some of my cash handy for renovations.
(3) Owner to remove all personal property. She has three, non-working cars on the property. Boxes of "stuff" are everywhere, including a toilet sitting in the middle of the court yard.
Let the chips fall where they may.
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It sounds like a nice property
It is a nice place. Except the exterior colors are almost psychedelic in nature . . .