Buying a house from a Former Mayor of your city?

[Steven Lin]

Hey guys,

Have anyone run into a situation where they found a abandon home and did some research and come to find out it belong to the former mayor?

What is the chance of getting a good deal from him?( This guy owns many property and doesn't seem to be short on cash)

I am not sure if i should sent him a direct mail. What you guys think?

[Ryan Gillette]

@Steven Lin When a person owns a lot of businesses or has a lot of assets, there's a possibility his cash-flow is low or he had a liquidity problem. Or he may simply see an opportunity to cash out of the project and use the funds to buy another business, or re-invest in one of his others. Until you reach out (phone call, e-mail, letter), you won't know. Some of my clients let properties sit for years because they either don't have $40-100k to do a full rehab, or they just have too much going on with their other ventures.

If you're end goal is to finance a rehab on it, bringing a pre-approval with you is a good step so he knows it's a serious offer. There's banks around there like Chelsea Groton, or if you need I'm just over in West Hartford.