I spent the last year talking keeping in touch with an owner of a house. The mom had actually moved out right about the time i first talked to her. However she wasn't real motivated, though she knew she would be selling sometime in the future. Her real problem was that the house was filled with 50 years of stuff.
A year after we first talked she put me in touch with her son. They were finally ready to sell. The son did commercial construction so understood the house needed work but also knew the cost of that work. We negotiated a fair deal for both of us. I was very open. I sent them my estimated cost of repairs and what I felt the house was worth as it sat. Guess what, I didn't get everything I asked for. However I was still pleased.
Bought a nice size brick house for $170k right next to a light rail station in Denver metro. I will do a complete rehab for about $40k. We are replacing all the mechanical equipment, water line (had a hole in it dumping water under ground), complete new kitchen(Going in today), Remodel one bathroom and a complete reconfiguration of another. Also adding an egress window so that we will have a 4 bed house. Refinished all the floors and painted the interior. Total time will be about 4 weeks for construction.
House should appraise for $250 to $270. However due to the location I will be keeping this for a rental.
@Tom Spaeth congratulations.
Awesome! Yes I agree, patience is key in REI.
Congratulations @Tom Spaeth .Patience and following up indeed is a virtue in real estate investing
And a great follow up. Once I purchased the property the owner told me a house close by was empty. I found out the I knew one of the heirs. For many years actually. So now I work on Patience Part II. We had a great conversation today. Talked mostly about anything but his house. He wants to sell someday. I am working at getting him into my rehabbed project so that he knows I will love and care for the house he grew up in. Let you know haw that goes. Maybe sometime this year or next I will get to also purchase that property.
Nice work on playing the long game!
@Tom Spaeth that is a great story, congratulations! I am curious, how often did you follow up and what method(s) did you use? Do you have any specific recommendations for keeping a likely future seller in the pipeline?
There was nothing magic here. Every once in a blue moon I would call the owner. I knew she had to sell one day but she did not have an immediate need. The house was full of stuff and they would not sell till they moved it. Finally one day I think the family just decided it was time. I think the neighbor is in the same place no immediate need just the knowledge they need to do something.
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