Nine months ago, I “threatened” to sell my rentals at auction and quit the business after a challenging tenant. But then I did what I normally do when I get discouraged being a landlord (have a glass of wine, lol). I got online and looked at how much equity my tenants have built for me. So, I cleaned up their filth, ran my ads and rented it two and 1/2 months later (it was the first time I ever lost a month of rent but the stink from the unapproved additional three animals was hard to cover up. Potential landlords..don’t get discouraged.
A Horrible Example
The picture in the listing sheet showed an unkempt lawn, but the front of the house looked quite normal except for a corner of the roof that appeared to have been sawed off. It had 3 bedrooms and 1 bath, with a double attached garage and a basement. The asking price was $84,900. The buildings in the immediate vicinity, mostly houses, looked only so-so, not a good sign.
I know that having a great list of cash buyer lined up ready to buy your wholesale deals is critical to this business.
I have a list but would like to find out from each of you your tactics for finding buyers. Where and how did you find yours.
I will start first by telling how I am finding a lot of mine.
I go to Craigs List to the commercial buildings for lease or sale. I email the person who did the listing and say something like this:
I was browsing through the ads and saw yours and wanted to say hello and ask you if by any chance you may be an investor?
Some people ask me "why did you retire so early, you could have stayed working even though you own rental property?" That is a good question and the truth is I could have kept working, but their are some very important reasons why retiring early makes a lot of sense. One big reason is the mental shift one makes when you no longer have a job you can count on. I was not the first one of my friends to leave my job and "retire" early. I have 3 friends that left their jobs in their 20's, and three more that left their jobs in their 30's. They all live great lifestyles.
Hello..my first forum topic, haven't found answer anywhere else.
I have been researching my specific city that I currently own 3 rentals with a fine tooth comb. All listings, FSBO, and especially foreclosures. I know all the foreclosures that have happened, are coming up and are now listed REO's. I looked at 5 last Sunday. Found a few potentials and am waiting to see if I can get a loan, or if a family member will be fund me.
We know the market has hit some difficulties. We also know the subprime market has basically crashed. What does this mean to you?
You have more houses to purchase and more people who can be willing, qualified tenants for you. Even if you do not have money or credit you can do lease options now.
Because of the number of people who could have gotten loans 10 months the number of lease optioners has gone way up. Consider having buyers / optioners now even before you had a property. Then think of the number of homes that you can tie up. This market is great.