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I may have an opportunity to purchase a ten unit apartment unit.
Thoughts?
Anyone do this?

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Are you good at unplugging toilets ? :D

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" SILENCE IS CONSENT "

Made to Government Specs:
1) Measured with a micrometer.
2) Marked with a chalk.
3) Cut with an axe.

Jim N7UAP - Bellingham, WA / InterceptRadio.com

Keep in mind that properties are generally overvalued in most areas (including yours). The OFHEO and Case-Shiller home price indexes are your friend.

See here: http://www.housingbubblebust.com/OFHEO/Major/NorthWest.html

Notice the general direction of property values (i.e. nosedive) and the fact that they are still selling in bubble territory above the inflation index.

Given the huge amount of existing inventory and pending foreclosures due to idiot-loan rate resets...

See here: http://www.doctorhousingbubble.com/wp-content/uploads/2010/05/option-arm-chart.gif

Its safe to say that property values will continue on a downward spiral. So... I wouldn't bother unless its an incredible deal.

I was using:
(rate of return / cost) = %
to compare.
Plus all the extra unforeseen cost.
Yeah, probably not worth it.
The owner is 80-something, just wants to "retire".

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I have a co-worker who has 1 or 2 of these himself.
Managed properly, the can o' worms is not always so messy.

Are you a gamblin' man?

I am not. This one needs some work, I will pass. Not enough return.

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Wow! Think of all the money you just saved. Now you can buy a new radio or some fishing gear or both. :D

_________________
" SILENCE IS CONSENT "

Made to Government Specs:
1) Measured with a micrometer.
2) Marked with a chalk.
3) Cut with an axe.

Jim N7UAP - Bellingham, WA / InterceptRadio.com

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Well there you go. :D

_________________
" SILENCE IS CONSENT "

Made to Government Specs:
1) Measured with a micrometer.
2) Marked with a chalk.
3) Cut with an axe.

Jim N7UAP - Bellingham, WA / InterceptRadio.com