I got a couple of emails over the weekend regarding REI. All but one were people who got my name from a message board somewhere wanting answers to questions. The other individual said he is a newbie in my area, and had a deal for me. After asking him for more info (note: all I need is a person's address, and I practically know everything about them regarding their property), he sent me the info and said he didn't want to do the deal, but would like to learn how I did it.
I spent about 15 mins researching the property's info online, and determined it wasn't much of a deal. The birddog said he is meeting with the owner this week to get more info, but that the owner just wanted out of the property - no consideration whatsoever. It turns out, though, his property isn't a candidate for ANYTHING. Not a rental. Not a w/s flip. Not a retial flip. Not even an owner-carry financing deal. I determined the MOST profit that could be made from the house would be to wrap it with my own note and add a premium on the price and interest rate. Even then, I'd be looking at only $6,000 for TWO years worth of work and risk. No thanks.
I gave him a detailed response and told him to let me know if he had anything else. We'll see.
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