Hey JoeK what should we say? - Posted by Michael
Posted by Michael on March 14, 2002 at 14:25:29:
JoeK and others,
My buddy has finally started listening to my plans about REI. I guess I don’t need a partner but I think it would help motivation wise. Anyway, after he pointed out this house that he has noticed we’re starting to get fired up about this property. It’s in a very nice neighborhood, we both grew up around there. This house is great it’s just that you wouldn’t believe how run down it is. It’s really a shame.
My question is what do we say to the owners? I’m thinking about knocking on the door and asking if they would be willing to sell. What have I got to lose? Someone had done that to my father years ago, and he was flattered.
Also, I realize that just because the house is run down, it doesn’t mean they are motivated right (price/terms)?
Is it realistic to have our business based on targeting ugly, undervalued properties that we rehab using financing and gain profit on that spread? Or is that to thin?
If the deals are scrutinized, I think there’s money here.