If no money down, go for it.
>>>Otherwise, you have to factor in the actual vacancy rate, especially if it's in small town, which can't be 100%, and in the worst cast, could be 25% or worse.
I will try 25% vacancy rate.
>>>Next thing, check if there is deferred maintenance, and how much.
Yes, I need to check out the roof, siding, plumming, AC, etc.
>>>>You mentioned it's remote, how long is the drive? You want to check if local law requires on-site manager for apt of this size.
Two hours drive. I intend to hire some one local to work part time on it.
>>>Another thing, is the rent below market price? If yes, I would flip it for remote property. Bring the rent to market price and raise the price and sell it. Quick sweet profit especially if seller finance it. Make sure don't pay seller loan origination fee and pre-payment penalty.
Very good advice! Taking notes!
>>>Otherwise, you have to factor in the actual vacancy rate, especially if it's in small town, which can't be 100%, and in the worst cast, could be 25% or worse.
I will try 25% vacancy rate.
>>>Next thing, check if there is deferred maintenance, and how much.
Yes, I need to check out the roof, siding, plumming, AC, etc.
>>>>You mentioned it's remote, how long is the drive? You want to check if local law requires on-site manager for apt of this size.
Two hours drive. I intend to hire some one local to work part time on it.
>>>Another thing, is the rent below market price? If yes, I would flip it for remote property. Bring the rent to market price and raise the price and sell it. Quick sweet profit especially if seller finance it. Make sure don't pay seller loan origination fee and pre-payment penalty.
Very good advice! Taking notes!
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