Toes in - Posted by Bert G
Posted by Bert G on May 27, 1999 at 16:56:55:
Well, I finally dipped my toes in amd made offers on 3 properties. On 2, the realtor had suggested the sellers would do contract for deed, so that was my offer. Aparently they’ve changed their minds and want cash now. O well, SW SW SW SW The third is gone fishing for the week.
Now there’s another I’ve looked at and think it might have some potential. Its a big ol’ house, looks like a barn. main floor is really nice, upstairs is a decendt 1 BR apartment. Current tenant rents the house and sublets the upstairs, and wants to stay. Is the seller motivated? With 2 realtors in the way its hard to tell, but the city tells me he’s in the hopper for court on code violations. They sent me a copy of the notice, and its all piddly stuff like putting covers on outlets and simple things I could have done in a week. The owner’s been ignoring the city’s notices for 6 months. i think once they start fining him $500 a day, he might be willing to drop his price a bit.
He’s asking $65k. My figures show it will make a tidy cash flow at anything under $49.
Back to the hunt.