[Anonymous]

Anonymous

After making a deposit at the bank, I decided to drive through a neighborhood I had not been in for 6 months or so. The last time I was there, I saw a red tagged house. The tax records showed that the house was bank owned and I tried for weeks to contact the bank to buy the house. No luck. Today, I thought I would just check on the status.

This is a $200k – $250k neighborhood with nice houses on large lots. Even the red tag property looks very nice from the outside it just has overgrown landscaping.

This time, it had a realtor sign in the yard and the red tag was gone.
I don’t normally pursue listed properties at all. But this house has had my interest for some time.

I called to check on it and it is listed for $140k.

They gave me the lock box code so I could check it out. It has a lot of nice custom features and needs about $30k in repairs including foundation work.

This would make an ideal property to move in to then do a 121 later…. but I don’t plan to be around Texas that long.

So, it would make a great rental too. Might work for my friend who wants to buy in for half interest in my portfolio.

I’m going to low ball them at $99,750 CASH and see what happens. ( maybe that’s too high)

I’m sure it will be the best offer they will get for a long long time.

Keep your fingers crossed. Ill let you know what happens.

It’s amazing what you find when you just get out there!

Jackie

[jean pizzoferrato]

jean pizzoferrato

Good Morning Jackie
Reading this article gave me an idea and I want to get your thoughts & expertise. Is there a way I can invest in Lease Options with other investors I know in Georgia and Tucson, AZ. They would have to do allmost everything but if there were back pmts. to make up, or helping them pay their mortgage like Jack suggested, or putting up money if repairs were needed, etc., do you think this is a good idea? If you do, how would we split the lease pmts. & the option pmts., or would this be negotiated with the other investor?

I will still do the investing in Mahoning County to build cash but this will be a way for me to get involved with investing for long term wealth. Since everyone is saying now is the best time to buy, I feel like I’m missing out on a great way to build wealth if I don’t invest in areas that are not losing population but gaining population.

Thx for the great ideas I know you will have –

Have a great weekend

Jean

P.S. I could also do all the mailings and take the phone calls and screen them. I have Vonage and it’s only $4.95 per month to add another phone number from anywhere in the country.