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Subject:  Re: 5 Unit Building Date:  1/28/2002  11:20 AM
Author:  Freeper Number:  1073 of 14287


thank you for your comments, i always look forward to reading your analyses.

On the turnover front 1 tennant is the owner's MIL (i know). Another young couple has been there 4 yrs and is moving to buy their 1st home. Vacancies have been a non issue for him since he has been able to use his practice to find tenants quickly. I know that i would face a bigger challenge though....did i mention the property has a pond? <g>.

At current rents I know it wont cashflow, but was willing to look at it as a tax shelter & given its location & condition future appreciation; tough to get on a multiunit.

The property has been on the market for about 12 weeks now, the only (legal) way I know I would be able to finance it is to have the owner cover the downpayment gap for me. If this is still on the market come spring, i might try to broach the subject again.

Given that he is trying to swing a 1031 exchange is there any kind of carrot can i dangle to give him what he & I both want?

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