My First Multi Family 8 Units – Deal or No Deal?

Joe – thanks for your input. Honestly the payoff doesn’t matter to much to me as I plan on 1031ing it in 2-3 years. What do you think?

Joel – the seller wanted high down b/c she’s retiring and needed the money to live off of. i am very confident I can get a price reduction but think 40k will probably be want she wants to keep on the table. OF course, I”ll try to negotiate it down as well. If it stays @ 40k and a price of maybe 125k – 140k, do you think thats ok?

Lastly, can you give me a briefing of how you research on the area of the property? Was going to post a new thread about this but wanted to ask you first. How do you go about finding out if the area is trending up or down? IF the area is emerging into a better market or not? I am sure you can probably write a book on this so just a few highlights would be really appreciated =) thank you.