I wanted to share my experience that happened just 5 minutes ago.
I have driven by this 8 plex thousands of times. I always talked with my wife telling her that is the type of property I want. It looked distressed. The landscaping was once nice, now its overgrown. The siding is beginning to need some help. The parking lot has weeds all over.. its screaming,"Luke buy me and bump that equity/rent/value up!!!!!"
I could just imagine the inside of this place. I was guessing completely outdated and needing some TLC. Thats exactly was I was wanting.
There was a newly placed very generic Property management sign .. So I had to make the call. I joined a showing with others people looking.
I walked it and my dream came true, old green carpet duct taped where it was wearing through to the 60's concrete underneath .We stood out in the hallway chatting with the landlords and a couple college kids that were there to see it also..
While standing there chatting I found out that they were the owners. I also found out that they were not debt free on the 8 plex. They still had a mortgage on the property. Good info about the average cost of utilities and that builder that built the 8 plex, had built 3 more exactly the same that where all on the same block. There was a lot more tidbits that I wouldn't have learned had I just looked the property up online.
Anyways, it was a lot of info with little effort.. Not sure if its completely honest but it was good to get in and get some questions answered that have been killing me for awhile now.
My best success have been the crazy question/lets just see. While most "off the wall" never happens, when it has for us it has done amazing!
Thats what I was thinking.. Lets just see and just maybe this thing could work out. According the the podcast with @Brandon Turner on creative investing, 30% of homes are free and clear. I go look at 2 more and I should have a winner!! Then everything else just has work out! ha
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