Posted by JohnG on May 18, 2000 at 22:44:36:
“Friends tell me …”
Unless they are invested heavily into real estate I would not pay much attention except to guage what is “not true”.
The majority of people will tell you that such and such an area is “bad” and they would not invest there. What they mean is that in their mind they would not “live” there.
Thats fine - theres lots of areas I wouldn’t live but I make a lot of money investing there. In fact, as long as my so called “peers” pooh pooh a certain area, I know I can buy “right” there and I get my top dollar when I sell cause Momma never raised no fool !!!
BTW if you can buy for 15-16 and sell for 35-40 then you don’t need anyone to tell you what to do. Go for it.
ideas on offer? - Posted by Laure
Posted by Laure on May 18, 2000 at 05:00:00:
Handyman has house for sale. His wife inherited it. I know this Handyman through another business contact, and he did some work for me a year ago. Deed is free and clear in his Wife’s name, I checked it out.
He is asking 21,200. (odd number) for the house. 2 br with Tenant in place paying 500/mo. Friends tell me “don’t even THINK you can turn a buck with this house, in this neighborhood” Used to be a war zone. I drove by today and it doesn’t look bad. Flowers are planted in the neighborhood, grass is cut, bushes trimmed… seems quiet. Cars even look nice. So, I find a neighbor working outside, and have a talk with him. He said the city has done a good job cleaning up the street…getting the bad Landlords out and tearing down the crud. I am pleasantly surprised with the neighborhood. The house doesn’t look bad either !
I asked the seller… what do you have to have out of the house? He said 8k right away. So, I am thinking, I can get 8k, but don’t want to dish out the rest right away. Was thinking about offering him 1 year contract for the balance. Any other suggestions? Oh, not 21k either, 15 or 16k total price. I figure I can sell this house on contract or L/O for 35 to 40k in a heart beat.
Any other ideas on structuring an offer?
Laure 