Anyway, I inquired about a certain multi-family property that seemed to sound almost too good to be true. The agent didn't answer ANY of my questions, but rather sent me a brochure on the property. Here is a picture of the property. If you click on the picture it will open up the actual "brochure" I received on the property (I blotted out location information, though):
Some of the data on the brochure came out choppy, but basically the numbers are as follows:
5-unit
List Price: $49,500
Unit-1: $275/mo. (leased)
Unit-2: $355/mo. (leased)
Unit-3: $348/mo. (leased)
Unit-4: $350/mo. (leased)
Unit-5: ?????
Taxes (2006): $409.50
Year Built: 1900
Some of the questions I had for the agent were the occupancy rate, typical insurance premium, why the owner is selling, if the owner was willing to carry back any/all financing, if there was any deferred maintenance, and several other questions. Needless to say, NONE of those questions were answered (fully). A couple of other concerns I have are the age (built in 1900), the yearly water & electric costs (since I'll pay it), and what about Unit-5?
2 comments:
I think the owner must be wanting to sell.. On the market since July, 2006 and he's paying both the buyer's and seller's agent 5% commission..
Yeah, my thought exactly, Shaun. Although, that 5% to each agent was a bit surprising. 10% total?!?!?! e must want ot for some reason - I just hope it isn't because the place is about to collapse. :-/
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