Every day - thats how I get a lot of my deals !!! - Posted by JohnG
Posted by JohnG on May 25, 2000 at 21:38:02:
I do all the time.
Thats why I get so many offers accepted so quickly. The property comes out on the MLS at 9am and by 9:01 I have an unconditional cash offer on the fax.
Its not nearly as risky as you might think. In fact its not risky at all.
The fact is that I have bought a lot of houses in this particular area and even factoring in the worst as far as reno goes - I know where I have to be in order to be safe.
I am just closing on a 33 unit townhouse project that was bought sight unseen in a foreclosure.(Its 2000 miles away from me) Now, that might take a little courage. But again, I know the area, I know these units (I did see them 3 years ago - they were in bad shape then and they have only gotten worse in the last 3 years) and now I am buying them for 50% of what they were appraised for 3 years ago.
What happened ? Mismanagement; loss of major employer in the town; more mismanagement and voila - 50 cents on the dollar. I know my rehab costs and even with holes in the walls, doors missing, 12 tenants out of 33 units and with only a portion of them current with their rents - its still a deal for me. All the things that are wrong are “fixable” and thats what I look for. I have just created another “job” for the next 6-9 months !!!