I am looking into this one a little deeper, but I may be purchasing my first rental!
I was looking for a good invesment, when I was an ad that was $1. After reading the ad, it said the website wouldn't let them enter "Make an offer," so they put the price at $1. I contacted the buyer and asked them some questions. This is what I found out:
1. They owe $120,000
2. They moved out of town and don't want to deal with the rental anymore.
3. The house currently has a client under contract until July 2007.
I punched in the address on Zillow.com and the zestimate was $156,000 with no improvements. I'm thinking about offering them around $125,000 and seeing what they say.
Does anyone have any suggestions about how to finance to maximize cash flow?
Also,I thought about buying and trying to sell it, but letting the rent cover the mortgage in the mean time!