Potential Great deal due to close on 07-19-2010, I am sorry DG family I have not posted much lately, and that is because I have been on a shut Down mode, I was not taking action, Until I noticed that even when you are not in the mood you still can make effortless deals.
A few weeks ago I was browsing Craigslist.org (CL) under Housing/Real Estate for sale I started from the last post and began to work my way to the front as I learned it from the books, after looking and analyzing through the posts considering the date it was first listed, on CL and on Zillow.com, knowing this information can really come in hand. The longer a property has been on the market the more likely REOS and FSBOS are getting desperate to get rid of them.
Anyways let’s cut to the chase, I found a residential lot for sale; 2.75 acres of land In Naples FL, Golden Gate Estates to be exact. In this area 1 acre sells for $13,000.00, the ad wanted $12000.00 for 2.75 acres with owner financing available, this made me look at it deeper. “Everyone else passed this one” I thought, because it was a very old post on the CL, so I looked at Zillow.com and found the same property listed by an agent, since the number on CL was an out of state number, I called it. To my surprise the owner answered it.
Me: Hello how are you doing, my name is Luiz I am a Real Estate Investor and I am interested in knowing more about your property, is it still available?
Owner: yes it is however I have it listed with an agent but the listing is about to come due, what would you like to know about the property?
Me: I would like its address or Parcel number, are there any leans or taxes due and if deed is in hand.
Owner: No problem here is the parcel number, there are no liens on the property and yes I do have the deed for it in hand, I live in GA but as soon as the property listing expires through my realtor I will give you a call it should be within 2 weeks.
Now with the Parcel number I was able to get the exact size, location, tax payment information, how much they paid for taxes, if there was any taxes due, how much and when he bought the property, all by going to the colliertax.com (notice your county would have its own website for its tax collectors office. )
I noticed that the taxes on this property are due this month $675.00 dollars. The owner never mentioned this to me, and that he was paying taxes on 47000 property value. Really when you look at it there are houses on 1.14 acres lot that are selling for 60k so 47k is an inflated number the tax office use to be able to charge more taxes for it. Since not many vacant lands are selling in the area they do not have what to compare it with.
When the owner called me back last week I offered him to do a trade My vehicle for his property, (2003 Lincoln Navigator, paid 5k book value on the vehicle is 10k right now if it was in excellent conditions) the owner told me that he would have to talk to his wife about it but he did not see a problem with that because he was looking for another vehicle in the first place and asked for pictures.
After I sent him the pictures he immediately called back and said he would be down here in Naples this weekend to see if we could close the deal. I am sure that I will have to pay the $675 but once I do the trade I will have 1st of all traded an investment that depreciates to an asset that appreciates and just made $5,675.00 turn into $20,000.00.
It goes to show you, creativity is key, what I am looking to do is; Use this property as leverage to buy a cash flow property, with the banks money, since single family homes 3/2/2 are going for 60k and rents for 1200-1500 per month depending on size and location.
I will update this post on Monday 07/19/2010 and let you know how it all went. Wish me luck.
"Obstacles are what you see when you take your eyes off your goal"
Live, Love, Laugh!!!!!