OfflineI posted this on my journal but I also wanted to put it here in the "my deals" section because it is such a learning experience about "thinking a little different".
It was raining today so instead of driving around looking for properties I decided to call about rental properties listed in my local newspaper. I called the first one on the list and I asked the owner to tell me about the property. He said he bought it a year ago and was going to rehab it but did not have the time. After he explained the rent etc... I said " If I could pay you cash and close quickly how much would you take for the property?" By the end of the conversation he offered me the rental property for $150,000.00
and 2 separately titled building lots next to the house for $40,000.00 each. The property is a lake front twin that was made into one living space.
But wait it gets better....
He then said he had a multiplex, tenant occupied, $3,500.00 a month income he would sell me for $249,000.00. All 5 units have tenants some that have been there for 5-8 years.
I am meeting him Saturday to see the properties.
You can bet that I WILL be calling the rest of the rental adds tomorrow. He was just #1 out of the 30+adds for rental properties. I encourage others to do the same. You never know what the owners situation is and they just might be willing to rid themselves of a burden. People are having a hard time selling their houses so they are putting them up for rent to cover the mortgage. CALL THEM!
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Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Thats some pretty good deals there just make sure the numbers work for you
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thank you for sharing the experience and the suggestion. I love how you have been keeping your eyes and ears open and taking notice of opportunities most might miss! You are one who creates deals instead of waiting for them to find you!
I wish you luck for Saturday.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
It just goes to show you, that you NEVER know where a deal is hiding, carol did something that VERY FEW RE investors do, and look what happen'd(?),, NOT a deal yet but, if it's turns into one, theirs a whole new tactic to get deals, way to try and make something happen, carol
YOUR HERO, SULLY
Carol,
Was this ad to buy rental property? How will you go about buying it? I know that I would have to assign it not having the money or credit. Just looking to feed of the scraps of your success.
Bob
O.k I have seen each house that this owner wanted to sell.
1.) Triplex that was converted into a 5 unit. This property is a bit confusing to me. It's a legal 3 unit triplex. However the owner turned it into a 5 unit multiplex. Each unit has a separate gas and electric meter. In order to get financing I think it has to be restored to a triplex, not sure. He wants $249,000.00 for the property. Rental income is possible $3,500.00 a month. I am having a hard time comping it. The single homes in area are selling for $ 235,000.00.
2.) Lakefront property that needs allot of rehab. This property was a duplex that has been converted into 1 eight bedroom house. It has 2 separate building lots attached that are deeded separately. he want's $150,000.00 for the house. It needs at least $70,000.00 in repairs. Comps in area for single homes is $235,000.00.
3.) Old victorian house (absolutely beautiful)needs around $ 25,000.00 in repairs. He is asking $ 270,000.00 for it. The area comps are only about $285,000.00. I don't see much of a value here.
The owner is in financial dept with these properties and needs to sell at least one to dig himself out. All the properties have liens against his own home. He would like to sell all of them.
I need some creative thinking here. The owner needs to sell something soon and I am having a hard time coming up with a deal that will make sense to my investors. Any help DG family?
owner is willing to do owner financing, rent to own or whatever it takes to move these properties.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson