First deal, about to offer on two duplexes

[Jason Bauer]

A littler over a week ago I was cruising thru Craigslist rental adds to get an idea of the rental market in the area I would like to invest in. 

I found a PM that listed a couple of vacancies. So I decided to call the PM to get some info on the rentals, and to see if I could create a connection and learn more about the market in their area.

The PM was happy to share information, and answer my questions. I got the sense that this PM is good at what they do.

During the discussion, I found out that they managed two duplexes owned by an out of state owners, that needed considerable rehab and were about to go on the market.

I asked the PM for the details of the properties, and I got all the info. Property condition, current rents, market rents, expenses, addresses.

I started to run the numbers, and found that these will cash flow nicely at the right purchase price.

So, I looked up the properties on the assessors site, found the owners names and address in California. Did a google search and found a phone number.

Made a call, and left a message that I was interested in making an offer on both duplexes. 

To be continued..