I mentioned this briefly at the end of my last post. It has been a crazy week as far as trying to get deals. Both of those I mentioned last time didn't pan out, although, I got a call from the owner of Deal #1 last night, but he didn't leave a message. While perusing Craigslist yesterday, I came across a property that may work. It's listed for $109k and is worth about the same. What got me interested were two things. First, it is owned by the USDA (of all people) and the post mentions the loan can be assumable. I need to call the broker back and ask the details. Second, while doing some quick research, I found a DOT (Deed of Trust) back in 2001 for $85k and nothing else. So I'm at a slight loss as to why the USDA is putting such a high price tag on the property. Maybe lawyer fees? Maybe added RE commision fees? Other? Something else I need to ask the listing broker. I also submitted a bid for another HUD property. I've been narrowly missing out on these lately and figure my persistence should pay off soon. It's a real nice property at a good price. From what I could tell, it needs -$0- repairs, so I could do some quick cleaning and have it ready within a few days.
Update: I talked with the broker minutes ago on the property listed on Craigslist. It turns out he doesn't know a whole lot about the assumption, but he does know that they'll only give the assumption to people who make below a certain amount (he thinks around $50-60k). He also said the interest rate would be adjusted to current rates. So, it looks like this one is a bust as well. The good thing was I managed to do some fancy talking (which is rare for me) and got some good info out of the guy. I also told him I was an investor and am always looking for properties in this area and to call/email me if he had anything good. Of course, I may never hear from the guy again, but the name of the game in this industry is networking.
Subscribe to:
Post Comments (Atom)
1 comment:
You're doing the right thing just by putting yourself out there and making contacts--even if you don't get a deal out of it this time. You just never know! I still remember a guy I talked to about three years ago who managed properties and am thinking about giving him a call if we end up getting a multifamily property. Why did I remember him? Well, he was just really nice and seemed like the kind of guy that would be good at what he does.
Post a Comment