I actually did it!!!!
Ok I'll try and remember all the particulars...
We met up and the first thing I noticed was the paint was old and flaking, and one heck of an ugly shade of green. Where everyone else saw grotesque all I could see was dollar signs!!! I took a look around, the yard in the back was in nice condition. Walk in both sides of the duplex, the first side, which is still rented ($), was as pristine as could be!!! Besides the basement nothing was needed on that side! The other side where someone just vacated, needed a little touch up, maybe some pant, new carpet, more of what was down there, some low maintanence, low budget carpet and it was just fine!!! Not to mention that while I was there, they were interviewing another tenant for that side ($$$)
All that's needed now was a little bit of renovating on the outside (flip) maybe a few thousand at most (not including paint)... I mean how motivated a seller are you when you say it's ugly yourself lol!!!
I was paying cash, he said make an offer, originally his asking was 30K. I said 15K to see if I could lowball, well turns out once he sells the house he's debt free, all he has left is a mortgage for 25K. So I offered that and IT WAS ACCEPTED!!! All that waits now is for his lawyer to take a look at the contract.
Comps in the area are 50K-75K... Heck in equity the house cost me nothing lol, just gotta fix it up and get it appraised. No to mention the tenant that lives there and potential tenant that might move in, if he doesn't I am therefore I live for free while I fix it up.
Thanks to the tenant, who from the looks of how much time she had invested in the apt (she did some work on it herself) She's not leaving anywhere... (I'm going to put her in a lease to guarantee it) Which is paying for the loan needed to make the deal happen.. AND I still cash flow for about 100 a month!! I guess I'll use that for my utilities... Oh my God not to mention the tax break
The first of many I say!!! If it wasn't for you guys I WOULD HAVE NEVER HAVE GOTTEN THIS FAR!!! In a year or two when it becomes a sellers market, I'm either going to sell and EASILY make 5-6 times my money back or just keep holding for cashflow.
Anyone just starting out DON'T YOU DARE STOP JUST BECAUSE YOU DON'T UNDERSTAND!!!! If you just browse a little bit I was just asking questions like a lost frantic child but I still went through with it!!! Keep READING, Network, let everyone know what you do, and ACTION, ACTION, ACTION!!!! YOU WILL SUCCEED!!!!
Knowledge is Power
- Pimpedoutgeese... Deals under his belt = 1.
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”