Posted by Ed Copp (OH) on January 28, 2001 at 19:50:30:
You can control any property with a lease/option.
If you should or should not do this particular deal is an unknown, since you have not provided any information except the asking price. You will need to run the numbers, that is check income against expenses.
Then you will be able to figure out if this is a good deal or not.
The sellers comment that this is too time consuming indicates to me that he has to spend a lot of his time working on this property (or chasing the rent). Dig a little and find out what is really going on. Knock on the door and talk to the renters to see if they are happy or not with the current landlord. Check around the neighborhood and see if anything is going on that may be a problem later on. Take your time and look carefully.
I once answered an ad that said “ILLNESS FORCES SALE”.
Upon a good study I found out that the owner was just SICK, of the deadbeat tenants. So check it out carefully.
Posted by Jeff G. on January 28, 2001 at 15:03:34:
Hello, I’m new at this and need some advice please.
I’m looking at investing in single family homes, but I keep finding sellers with duplexes that might be interested in L/O.
One seller that I spoke to said that he didn’t know much about L/O, his asking price is $84,000. Right away he stated that he was very flexable with the asking price.
The house is currently being rented upstairs, which is a 3 bedroom. The basement appartment contains 1 bedroom, it’s vacant.
My question is, how could i convince this man to take my offer to him regarding the L/O? and would this be a good investment on my behalf? I’m very confused on my options,
regarding the tenant. Should I see if the current tenant be interested in leasing from me, or find a new tenant or look for another home? The owner said he is no longer interested in his rentals because he has kids. It is to time consuming for this man. Does he to you sound like a motivated seller?
P.S could you please tell me the best way to go about this?
Thank you for taking the time to read over my letter and I am looking forward to hearing from you.