Finding FSBO
I live in Louisiana, down here you cant swing a dead cat without hitting another investor. Every FSBO I contact is just another REI trying to close a deal. Is there a way I can capitalize with the other investor? Tell me what strategy you use to find property.
Who cares who is selling it? Investors can be motivated just as much as the next guy, if the numbers work, the numbers work regardless of the person selling it.
I had been watching a property on the MLS that was way over listed. When I called the salesman involved I got a snotty answer and a suggestion that I not call back. I then called his Broker and reported him as not responsive as a Realtor should be. Guess what? You are right it was the Son of the Broker. He had hi listed and was not doing anything but waiting for the owner to drop the price. Sooo I followed the owner to my favorite coffee shop and walked in after him and just asked him why he thought his property was so valuable. He told me that the salesman had suggested that he high list and await the response of the buying public. But, he said, he now really wanted to sell, seems his wife had visited him in his office after closing, and was a little confused as to his gender identification and wanted out of the marriage but now right now. Hard to imagine 240 lbs with a butch haircut in a black see thru shorty night gown. But thats LaLa land and everywhere else I guess. Soo I wrote the offer at the proper price. He signed it and I went over to the Brokers Office and handed it to him and informed him that I was splitting a commission with him.
Dirty word, but thats life.
I took the property As Is. Big mistake. The basic workmanship was flawed. I mean they did not even put nuts on the bolts that held it to the foundation. The concept of studs on 16inches they considered a game and they varied from 18 inches to 24 inches. How they got that through the Building Inspectors I will never know. But we gave a full disclosure and sold it to a Contractor who likes a Challenge. Never did figure how it burnt down shortly thereafter. The Contractor who bought it did not seem suprised. I bought him a new Zippo Lighter to celebrate the occasion. He offered to punch my nose and I told him to go ahead as anything would be an improvement over what god gave me. He laughed and I owe him a dinner.
Cheers Lucius
Great story Lucius!