Do all the due diligence in the front before you put "any" contract in. Locate a good real estate lawyer that knows the market or at least multifamily properties. DO NOT put in a contract until you have all your "financially verified" information.
If the property is a 10 unit on the market for $275,000 and the seller is sticking to his price, move on. The same 10 unit can be bought for $200,000 and produces cash flow of $3000 a month before expenses. This might be worth looking into. Multifamily property is all about the numbers, no emotion whatsoever. Know you numbers and have a good attorney on your team.
Sep 18, 2010