dealmaker
04-06-2005, 07:03 PM
I just had another case of the MLS working out pretty nicely for me. I called about a property in an area of interest. Small but active broker in the MLS region. The house sounds like it might work well for my "no fix fixer". That means it's in "show condition", but local the price is such that "traditional" loans may not work.
Agent says that buyer is trying to get a USDA loan, but pretty sure it won't fly as they almost always require "energy efficient" windows. These windows are a poor investment in our climate, payback is about 25+ years IIRC. One of those "national-one size fits all" policies. Told him I may be interested in financing, $2K down, $300 legals etc. Says we'll get together tomorrow so I can see the place etc.
He asked how much I had or had available as a family of 2 sons, 3 daughters who had inherited 27 rentals wanted to liquidate. Two have had updates started but the others haven't. They are all VERY MOTIVATE, his words. I figure cash is easier on the family than divvying up the properties. He just shot me the email with the locations and I may take all day tomorrow doing "drive by" due diligence.
Anyway this isn't to talk about me, it's to tell you, DON'T IGNORE ANY SOURCE of leads. Most people, when they want to sell, CALL AN AGENT. Many landlords (particularly non-voluntary ones) are absentee landlords and aren't going to take the time to travel and interview a lot of agents or do FSBOs. Therefor, statistically agents are always going to have more leads than you do, don't ignore them.
dealmaker
Agent says that buyer is trying to get a USDA loan, but pretty sure it won't fly as they almost always require "energy efficient" windows. These windows are a poor investment in our climate, payback is about 25+ years IIRC. One of those "national-one size fits all" policies. Told him I may be interested in financing, $2K down, $300 legals etc. Says we'll get together tomorrow so I can see the place etc.
He asked how much I had or had available as a family of 2 sons, 3 daughters who had inherited 27 rentals wanted to liquidate. Two have had updates started but the others haven't. They are all VERY MOTIVATE, his words. I figure cash is easier on the family than divvying up the properties. He just shot me the email with the locations and I may take all day tomorrow doing "drive by" due diligence.
Anyway this isn't to talk about me, it's to tell you, DON'T IGNORE ANY SOURCE of leads. Most people, when they want to sell, CALL AN AGENT. Many landlords (particularly non-voluntary ones) are absentee landlords and aren't going to take the time to travel and interview a lot of agents or do FSBOs. Therefor, statistically agents are always going to have more leads than you do, don't ignore them.
dealmaker