OfflineThe other day I was on craigslist trying to spot some potential deal by FSBO. I ran two ads, so I called one and emailed the other since there wasn't a phone number listed.
The one I called went like this:
I spoke to the owner and found out that they live in NY (my hometown), however they purchased a property a down here in GA. They had the property since '06, purchase price $429,500 4bed/3bath custom built home, it's been rented since they purchased it because they couldn't sell there property in NY to move down. They sound motivated to sell but when I ask the probing questions he seems to shy away from answering the all cash offer. I went on the tax website to see how much the property is worth $389,000, RealQuest $405K, Zillow $363,500. Properties in that area going from mid $300K's and up. There's a foreclosure going for $275,900 a few house down. They already know that they aren't going to get what they paid for it. So DGFam tell me what you think. There may be something there but I don't see. Give me your feedback. I think I'm letting this one go.
And the other potential deal is another homeowner that lives out of state and has her property listed with an agent that is doing nothing with. She emailed me back and said that she is very interested in selling the property because she doesn't live in ga and is making two mortgage payments. That's as far as I got with that one, I'm waiting for her to respond back with her number to talk to her. Will keep you updated.
Thanks!
Wayne
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
Maybe go ahead and make an offer. What could it hurt? The seller's pride just a little? Then at least they'll have something to consider and may end up calling you later. If you don't make an offer, you'll never know what they might have said. What do you think?
Rina
P.S. What would your exit strategy be?
"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
I think you're right! But I was just sitting here fighting with myself, like "is it worth it?" So, that is why I posted on here to get some thoughts on it. I'll take your advice and just go ahead and make an offer. I was planning on either wholesaling it or if his main concern is about the payments maybe lease/option or owner financing and put a tenant/buyer in it. What do you think?
Thanks!
Wayne
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
You say it's been rented since they bought it. What can you get for rent? Was it cash-flowing or were they just getting what they could to offset their expenses? Do you already have a possible end buyer lined up?
Anyway, make an offer based on what WOULD work for you. And if they say no, just move onto the next one. Is everything in your target area that high priced?
I'm sorry if you posted this before, but are you with the coaching program? If so, run it by the coaches, too. They've been doing this a LONG time.
Rina
P.S. Don't let this one deal stall you from working on others at the same time ok? The more you have going the more likely you'll get those GREAT ones.
"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
I forgot to ask that question about how much they were renting it for. When I speak to them again I will ask. Thanks for the reminder. I do have an end buyer who would be interested in this deal if it plays out.
My target area isn't priced that high. I'm looking for properties that are $200K and below, that is pretty much where my town is priced. But then you could turn the corner and hit above $200K. It varies.
I am with the coaching program and I was just about to and realized they were closed at the moment.
I won't let this one deal stop me. I'm actually serching for an agent to help me find some great deals. I'm meeting with one next wed after work. She seems interesting and uses a lot of different strategies and techniques to get deals done. So when I meet with her I will see and update you. I been through so many realtors and the relationship would only last a week or two. All this potential out there and most of them are afraid to try anything. One of the coaches told me that there are more bad ones than good.
Thanks for all your support and help!
Wayne
"The entrepreneur always searches for change, responds to it, and exploits it as an opportunity." — Peter F. Drucker
With action comes success.
You're welcome and Good luck,
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