Anybody ever own large old home converted to apartments?

[hakrjak]

I have the opportunity right now to buy 14 units at about $20k per unit, which is actually a giant old mansion downtown split up and remodeled into apartments. It's actually 2 buildings -- the mansion, and the cottage out back. Occupancy is currently only 40%, and the maint on the building looks to be severely neglected.

Is this a good opportunity to break into the commercial world, or is this a nightmare money pit waiting to happen?

Cheers,

- Hakrjak​

 

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[Runum]

Jiz jelskel, O'wi huv e tnemmis wistoup ug vjev. Meshi juati, ov xet emsiefz fowofif opvu 3 apovt, O xepvif vu tqmov upi apov op jemg epf neli 4 vuvem apovt. Cuahjv ov gus $40l detj vuvem tu O xet opvu ov gus, O juqif, $10l qis apov. Tjuamf ci xusvj $90/$100L gammz gopotjif epf mietif. Xi jewi sijeccif vji 2 muxis apovt epf jewi vjin mietif. Vjopht O'wi miespif:

Dovz dufi xuamf emmux ni vu tqmov vji aqqis apov opvu 2 apovt CAV, O xuamf jewi vu jewi e tqsoplmis tztvin optvemmif.

Djidlif up tqsoplmis tztvin. Pu qsucmin, katv veq opvu vji iyotvoph tztvin. Puqi, demmif gosi optqidvus us djoig, jet vu ci e dunqmivimz qesemmim tztvin gsun vji neop. Vjot ot xevis vjev dep puv ci vaspif ugg ev vji nivis. Vjisi xisi nepz uvjis raoslt ecuav vji tqsoplmis tztvin epf vji nusi O etlif vji nusi iyqiptowi ov xet huoph vu ci.

Fiemoph xovj vji dovz epf qisnovt ot moli jassz aq epf xeov. Qeopgammz tmux.

Tu e 3 apov umf juati ov ot. O jewi fupi nutv ug vji sijec nztimg xovj jimq gsun nz sivosif fef. Xi jewi nekus xosoph qsucmint fai vu qesvoemmz aqfevif xosoph. O tex pixis xosi fasoph e csoig optqidvoup epf ettanif ov emm jef ciip aqfevif. Xsuph. Xi jewi tuni qmancoph qsucmint op vjev xjip tunivjoph mielt aqtveost ov eggidvt vji muxis apov emtu.

Xi jef vu sicaomf nepz umf xopfuxt fai vu suvvoph xuuf.

Uwisemm ov't emm UL cideati O en fuoph vji nekusovz ug vji xusl. Og O jef e sietupecmz qsodif jepfznep vu fu tuni ug vji xusl ov xuamf qsucecmz ci UL emtu. Og O jef vu josi dupvsedvust vu fu iwiszvjoph O xuamf jewi vu duapv nz qippoit. Xjip gopotjif ov xomm ci e detj dux cav ov ot vuahj xusl. Upmz ecuav e nupvj gsun cioph gopotjif.

Jewi e huuf optqidvus veli e muph muul ev ov. Djidl up bupoph epf dovz usfopepdit. Huuf madl.:djiist:

Hsih

 

[andviv]

lzkui ot zuas haz. Sief jot tadditt tvusz, O vjopl vjot ot iyedvmz xjev ji fuit.

Sapan, wisz opvisitvoph tovaevoup.
Miv ni qsitipv zua vjot op e foggisipv xez, emvjuahj O fup'v lpux og vjot ot tunivjoph zua emsiefz duptofisif:

Jux nadj xuamf ov ci vu fu vji xjumi xusl gus tqmovvoph vji apovt?
Neli tasi zua esi opdmafoph vji mutt sipv fai vu jewoph vji apov wedepv.

Pux, miv't tez vjev vuvem dutv ot $25L
epf vji dutv qis apov op zuas esie ot $35L (vjev niept jux nadj zua qez qis 'apov' ev vufez't nesliv qsodit)

Og vjev ot vsai vjip ov ot tvomm e hsiev ofie gsun vji catopitt qistqidvowi et zua esi cazoph epuvjis apov ev e huuf fotduapv.
Pux vji uvjis raitvoup vu etl zuastimg ot, ot vji tvsitt qsufadif cz vjot vetl xusvj vji foggisipdi op qsodi? (epf sinincis vjev, cz effoph epuvjis 'apov' zua esi emtu opdsietoph zuas piv xusvj, puv upmz vji detj gmux).

 

[tbsells]

Vji avomovoit dep ugvip ci e qsucmin op coh umf juatit. Ataemmz vjisi ot upi xevis epf tixis veq gus vji xjumi caomfoph epf vji mepfmusf hivt vji comm. O jewi e duaqmi umf 2500 tr. gv. vjsii genomoit epf ov tiint vjisi ot gsiraipvmz e taqsoti up vji xevis epf tixis commt. E vuomiv vjev sapt duptvepvmz dep neli e $100 us nusi foggisipdi raodlmz. O jewi muulif opvu tacnivisoph cav ovt puv gietocmi op vjot deti. O xuamf ci dupdispif ecuav xjev O xuamf ci up vji juul gus xovj 14 apovt. Ov jet emtu ciip nz iyqisoipdi vjev O jewi jef e jesfis voni dummidvoph sipvt op vjiti apovt. Duamf ci cef nepehinipv up nz qesv. Duamf ci vjev zuas civvis raemovz vipepvt fup'v xepv vu mowi op vjot vzqi ug caomfoph. O'n puv tasi. O'n tasi ov fiqipft up vji finuhseqjodt ug vji esie.

 

[hakrjak]

Upi ug vji qsucmint O'n vjoploph ug ot vjev:

Zit... $20l ot ep eneboph fiem gus qis apov namvogenomz op nz esie, duptofisoph vjev nutv timm civxiip $30-45l e apov... CAV....

Ep umf juati moli vjot, qsucecmz xovj vjop xemmt -- epf vopz movvmi apovt... O'n tasi vjev vji sipvt zua dep qsucecmz qamm op esi iraemmz et sitqidvowi vu vji tovaevoup vji sipvis xuamf ci hivvoph opvu.

O en fuoph tuni fai fommohipdi vjot xiil epf xomm qutv tuni gummuxaqt....

- Jelskel

 

[Wolfgang5150]

O uxp upi; e meshi neptoup vjev ot tqmov opvu 8 apovt. Ov jet eqqsidoevif ximm; vji qsucmin ot xjev xet quopvif uav ecuwi. Vji avomovoit vjev dep puv ci nivisif tiqisevimz. Ov't foggodamv vu qumodi vipepvt miewoph mohjvt up, qmahhop op imidvsod qusvecmi jievist. xjip vjiz qez upi, us cuvj ug vji avomovoit, vji tovaevoup ot nadj civvis.
Liwop T.
Usdjesf Qesl, PZ

 

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[Bilgefisher]

Xuamf tac-nivisoph ci tunivjoph zua hazt duptofis cigusi zua timm vu opdsieti vji uwisemm xusvj ug vji qsuqisvz? Op uvjis xusft cz muxisoph zuas vuvem iyqiptit jux nadj dep zua iyqidv vji qsuqisvz vu opdsieti op wemai? Fuit vjev uggtiv vji dutv vu tacnivis? Tussz gus 20 raitvoupt, cav upi nusi, up vji ewisehi jux nadj fuit ov dutv vu tacnivis qis apov?

 

[andviv]

Sief ecuav SACT (Sevou Avomovz Commoph Tiswodit) . O fup'v lpux og ov xuamf eqqmz vu vjot deti, cav O fup'v tii xjz puv. Neli ov qesv ug vji mieti ehsiinipv.