What to ask? - Elusive first deal - Any mentors? - Posted by SteveA (FL)
Posted by SteveA (FL) on February 11, 2000 at 20:50:30:
Got a bite on a postcard I sent out to rundown homes. This one’s across the street from the beach, but the view is blocked by a 5 floor condo bldg. Older gentleman called and said his dad built the home in 1937. 2400 sf, sfr. One tenant living upstairs. He didn’t want to discuss too many details and wants me to talk to his son (the lawyer) on Monday. He did say he “like what I said on my card” and there was no harm in “shooting quail”. He obviously wants to talk. He was very funny and fun to talk to.
All I really know is the home is owned free and clear. It looks fairly solid but definitely needs some rehab. Homes on the beach draw a great price as I’m sure you can imagine, but as I said, the view is blocked on this one.
Not sure if I should go the rehab/retail route or owner financing and try a rental, maybe seasonal or long-term.
What should I focus on besides the obvious things I’ve learned?