I thought MikeOH was crazy...until....
Mike, I've been reading all your posts and hear you preach about how you can find rental properties for 50% of the market value, and where the gross rents are over 2% of the purchase price. I've been skeptical, but being new I figured I would spend some time practicing what you preach. Well guess what? You were right! (I probably didn't have to convince you, just me).
I found a 7 unit rental property. Guy wanted wanted out bad (divorce), and was asking $49k, gross income of $1900 per month. Tenants pay all utilities. Market value was around $95k from what I figured.
The good- those deals are out there! Not easily found, but they are out there
The bad- being new, I reacted too slow. The owner accepted an offer (not mine) very quickly... I was still going over P&L statements and crunching numbers.
I will continue to look for these deals and will not settle for the wrong property. Mike, thanks for making me a believer!
-Rich