Came across an interesting Residential Income property that was only 11 x Gross.
It had been sold but fell out of escrow and is now reduced by an additional $100k. So what went wrong with it? Likely the units that were bootlegged into the building. It happens from time to time that a unit is broken up into two units. It raises the bottom line for the buildings monthly income.
Is the City Building and safety onto the owner? Is the owner trying to sell before the city forces the corrections?
I have found that smaller units make good revenues.
IMHO. Keith
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