Sent out 100 Yellow Letters to Tax Delinquent Owners in Gretna, La. on Friday, Feb 27th. Have received four calls as of this morning. (4% call back rate??).
- a commercial property on Franklin. Seller is motivated and is willing to accept 65% of value.
- one rental property with a long term tenant
- one SFR with an owner who will accept nothing less than full value. After a lengthy conversation, he decided to meet with me Saturday morning.
- a unique 1bdrm with lots of potential
I will keep everyone posted on the response rate and any interesting developments. I will also post all wholesale opportunities in the BP Marketplace.
A little bit more of a "success story" section post, but still good for you!
Just watch that commercial property. She might be willing to sell it because its vacant, or about to be, or knows the business is in trouble. You are really buying the underling lease. Investigate it! figure out whats going on. Are they stable, are they planning on not renewing?
Ask some local commercial agents what the absorption rate is, and how long it would take them to fill the space should it become vacant.
The residential with a long term tenant sounds the most intriguing to me. The only reason is for the probability of what @Judah Hoover has already said. If you were to find out more about the situation and the negative possibilities were not the case, the commercial one sounds very interesting.
Personally, I wouldn't waste my Saturday meeting with a person who was obviously not motivated in my initial screening. Maybe a few months would bring them down to earth.
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