I just wanted to share this story to highlight the importance of continual follow up on leads..
18 months ago I was driving for dollars here in Jacksonville FL, and I seen a for sale sign by a realtor taped to the front of a quad plex. The 2 units on the top are residential and the 2 units on the bottom are commercial. 3 of the 4 are rented.
I called and it was listed for 220k. I thought it was peculiar because I know my area very well and I did not see this on loop net or MLS. Turns out the realtor had it listed on some form of commercial MLS that I am either unaware of or nobody looks at it. Regardless I drew up a owner financing offer for 20% down and owner holds the note and they rejected it. I told the realtor to keep my number and call me if anything changes and I also emailed every 90 days for the past 18 months.
I gotta call 48 hours ago from the realtor that the owner is now in financial trouble and needs to dump the property for 125k cash.. I waited one hour and I called back and offered 100,000 cash, close immediately, and the offer was accepted and we are closing in 4 days.
Once I get the 4th unit fixed up and rented out my gross each month should be well over 2700. All other aspects of the building are in near perfect condition.
So in summary, the most important thing that I can tell everybody is to always follow up no matter what!
Sweet deal Mark! Sometimes it just takes time and you never know how the circumstance will change for the seller. You were also prepared and ready to go when the opportunity was in front of you. Went for the throat at 100k huh. lol
Something told me to go for the jugular while they were down...lol
Dang, that’s a sweet score. I should go back and look at the contacts I have made over the years and follow up with them!
@Kai Van Leuven
Yes I would agree with that. reach out to everybody that you can think of no matter how insignificant. Any lead needs a refresher.
Thanks for this important reminder. And congrats on your deal.