It’s so important to do the little things daily – actually evaluate deals, run numbers, connect with your agent, investors, and more. Why? Because the folks who figure out the little things usually have great big things going their way, and because you just never know where a good lead will emerge and that’s exactly what happened to me this week. My agent and I were reviewing a bunch of listings and he mentioned that one of his clients bought a property not long ago that wasn’t far from where I was looking and that the listing agent said he was helping an out-of-state investor unload their portfolio, so I asked him to reach out and see if they had anything interesting.
Turns out they did have something listed but the owner and tenants were not getting along very well which was throwing a wrench in showing the place. Apparently, the owner had listed the place and had been trying to get in touch with the tenants to give them notice for showings but they were not responsive. The owner was frustrated and wanted to be done with the place. Thankfully my agent and the against listing this place had done some deals together in the past and felt comfortable with each other, so my agent got everything I needed to evaluate the property. I made what I thought was a fair offer (and then my agent put nearly 20K back in my pocket) – and it all came together quickly. Everyone is a winner here. The existing owner wants out – I want in – I want to fix the place up (it needs some love), and in the end, tenants will have a nicer place. I feel really, really great about this deal!
3 Units – (3/2/2) each 900-1,000 sq ft – beautiful wood floors and big, bright rooms – this place has great potential! Cash flow on this one is $1,000 / month after all expenses and cash on cash return is a fantastic 26%. I could get used to deals like this!
6 doors down, 94 to go…
