Could This Be Great?
We recently found a property for sale for 40k , appraised at 70k and went out to inspect it and talk with the owner, who was very motivated and helpful, about the property. He says he's been in the business for 30 years. We were talking about the financing and hebegan giving us advice about how to go about it as beginners and how to fix up the place and get a good profit, in which it doesn't need any major work. He offered to take us under his wing since it was our first project and teach us. He said he wasn't going to do the work for us, but would guide us all the way through the closing. He said he'd give us time to think about it, but we needed to make a decision soon so he could be prepared. He says he owns about 50 properties and he knows the city inside and out. Should we jump on this chance because not many people are willing to assist you step by step when they are trying to make money themselves. Help!!!
Joy
I would still be careful...if he is an investor, why would he sell at a great discount, if he knew it were worth more?
Is there some underlying reason that he needs out quick? or is he just trying to get out gradually?
I would keep my eyes open, get your own appraiser, get your own estimates, just be cautious...
since he has been in the business so long, he probally has an appraiser he works with, and contractors he works with...they're on his side, not yours.