Burned today

I went to check out a duplex today 1930 house looked okay from the outside. Owner...so I thought or someone close to the family put a fsbo sign in yard and when I called I thought I was getting an appointment to view the house alone with him to consider this as an investment property for myself and my family. I planned on having my mother or grandfather purchase the property as they are both looking and hold it for me for a year or less while I put sweat equity into it fixing it up to rent out as it is in a great location in between two colleges and a mile from down town and 3 miles from everything else. Turns out the appointment was not an appointment instead turned out to be a open house for once I got inside appeared to be a foreclosure property...that wasn't cleaned out...so me and 5 other investors showed up to view a house in very poor condition on the inside.

I figured going before going inside it appeared to have a strong shell. I was wrong. The floors were rotting inside along with the wood siding once you got around the building. It needed pretty much a full gut on the inside floors and all. The windows were painted over...need less to go on it was a dump.

I wasn't deterred by this or I am guessing my oversight thinking it was a scheduled appointment for him, my wife and I. I walked away giving no offer shaking my head because he told me this place still owed 70,000...made in 1930...sounds like someone lying to me with wishful thinking as it has fully rehabed historical houses surrounding it. Ya, not happening.

However like I said I brought my wife and she got the investors spark and when we got home decided to look up more duplexes and we are scheduled with a real realtor to view two on Saturday from 1980's with one with full occupancy and the other with either one tenant or also fully occupied. The one that might not be fully occupied having been or in the process of being remodeled during vacant times. The owner seems to be just a tired landlord but we will see if we can get a good deal going with some nice cash flow! Our exit strategy is to hold until the market pops back and sell then if we can get the numbers we want.