My main buyer is a Realtor Broker, he's the one that just paid me 10 Grand to be a go between on our latest deal. . And we also got a half dozen deals in escrow ready to close any minute. He just purchased another one of my junkers this morning. He wears shorts and flip flops.
Anyways, His buyers are big dog investors from Los Angeles. He tells me these guys want this huge block of condo's and they have already purchased over half of them and are Gung Ho on the rest. He then tells me he flipped 17 of them in the last week.
He asks me if I want to get in on the action and it means a 5K assignment fee on each unit. He tells me these investors will buy every remaining unit.
I replied in my low key but enthusiastic response, Heck yea.
He gives me an address list of 56+ of the remaining 4 Plexes, I know the area, it used to be a good middle class neighborhood. He goes on to describe how they are all owned separately even though they are clumped in each 4 Unit buildings.
He describes a scene strait out of Real Estate hell, criminal elements have moved in, they have even changed the addresses on the some of the units so the cops can't find them.
Now, I need a plan, I'm gonna knock on doors and leave my door knob fliers, I'm going to run the addresses and get owners names and send out post cards and offer cash for their units.
I got a stun gun, and a 4 Oz container of Pepper spray, but I don't think I'll need it. I'll just dress casual, smiling & friendly.
Now, What is $5,000 times 240 units? Holy Crap, that's $1,200,000 What if I cud only flip half of them or a 4th. Were still talking some serious pocket change here.
Anybody in the Central California area want to give me a hand on this?
Let's make some Money....
Rando
Rando
it sounds like fourplexes what you're talking about... sometimes you will find one owner who owns all four (if not more) and rents them out... if the tenants are not good tenants, you may find some motivated sellers... I would start by doing title searches to find out those ones...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...