Vacant property

[JordanRich]

I`m looking at a nice 4 plex, but the property is vacant right now any advice?

 

[invst4profit]

What sort of advice are you seeking.
If interested in buying begin your due diligence to determine value and go from there.
A empty unit can be seen as good or bad.
Some landlords see occupied with immediate income as security.
I prefer empty from both a price negotiating perspective and because I prefer to hand pick my tenants and make sure rents are at market.

 

[housingrental]

Why are all 4 units vacant? Did it just undergo a complete renovation or is this an indicator of the desireability of the product?

 

[Thomas Beyer]

QUOTE (JordanRich @ Nov 6 2008, 08:05 PM) I`m looking at a nice 4 plex, but the property is vacant right now any advice?
usually you can buy it far cheaper .. and you can set rents to market immediately .. with or without upgrades !

Ask yourself though: why is it empty ? is it the town / city it is located in? is it the immediate neighborhood (drugs ?), is it the property (water damage ? mold ? structural problems ? roof caving in ? leaks ? plugged toilets ?), or just the previous owner ?

 

[JordanRich]

QUOTE (thomasbeyer2000 @ Nov 7 2008, 12:03 PM) usually you can buy it far cheaper .. and you can set rents to market immediately .. with or without upgrades !

Ask yourself though: why is it empty ? is it the town / city it is located in? is it the immediate neighborhood (drugs ?), is it the property (water damage ? mold ? structural problems ? roof caving in ? leaks ? plugged toilets ?), or just the previous owner ?

Thanks for all your posts!