Looking For Info/guidance On Possible Deal
Hello,
I am new to the game of real estate investing however I have been studying for some time know. I believe I have found a great deal, but am a little hesitant on how to approach it. Here are the circumstances:
Vacant house in a good neighborhood worth approx. $100,000, on the low end. It is in farely good shape, however it could use a few thousand in repairs b/c it has been vacant for about 8-10 months now. About six months ago it was on the market with a real estate company but never sold and now it is just sitting their. After doing some research I found that the house is not going into forclosure and the couple who lived there are now separated. ( it is in the man's name) I have located a couple of current addresses for the guy. I have thought of sending him a letter but not quite sure how to present this b/c I don't think he is in financial trouble....he just owns a house that has no use to him. He only paid $60,000 for it about 10 ten ago. I think it is possible to steal this from him since there is a lot of equity in the house, on the other hand could he be a guy that wants the world for something he has no use for?
I look forward to hearing all your advice and thank you in advance for your guidance.
Mike
msm10--(OH)--------------
You are asking the wrong people about what this owner might do. Ask the owner directly. We don't know who the person is and have no clue what he might do.
Go to his door. Telephone him if you can get a telephone number. Write him a letter expressing your interest in buying the property. Effectiveness of these approaches: Door highest, phone middling, letter lowest. Effort required is in same order.
Good Investing********Ron Starr***********
Ron,
I appreciate the motivation...that is what I needed and I bekieve I got. Thanks
Mike
Ron,
Well said
Terry
GREAT ANSWER
Lori
[addsig]