Who knew a $50 Christmas gift might equal a duplex!?!

Who knew a $50 Christmas gift might equal a duplex!?!

Cory LucasPro Member
Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes

So I played Santa Claus today and handed out some gifts to those that have been kind enough to answer my questions and begin helping me on my real estate journey. Well turns out when I went by the Realtor's office that I've been working with he invited me to lunch and we discussed a duplex that he currently owns and is going to be putting up for sale next spring. I was blown away that things steered in this direction as he and I have been discussing real estate since the late summer months and he's mentioned this duplex a few different times and has always described it as his "cash cow." I haven't ran any numbers yet, wanted to share, but I am curious what anyone's take would be on a good way to approach the topic of assessing the property? I want to take him at his word about the property, I've known the guy since we were younger, but I don't want to do a disservice to myself by not looking at the inside of the property, I also am concerned of not wanting to step on his toes as I feel blessed to have been even offered this deal. I should preface with we never even discussed going inside the property, purely a concern of mine that I'm probably making too big a deal of as he will likely have no issue with it. Any other thoughts/suggestions/advice is greatly appreciated? 

Either way I was merely sharing what happened today just from a pure generosity aspect on my part and how it turned out to possibly be something even bigger. Hope you all are well and have a great Christmas! 

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  • Rental Property Investor · Cleveland, OH · Member since 2019 · 67 posts · 37 votes
    6y
    Originally posted by @Account Closed:

    So I played Santa Claus today and handed out some gifts to those that have been kind enough to answer my questions and begin helping me on my real estate journey. Well turns out when I went by the Realtor's office that I've been working with he invited me to lunch and we discussed a duplex that he currently owns and is going to be putting up for sale next spring. I was blown away that things steered in this direction as he and I have been discussing real estate since the late summer months and he's mentioned this duplex a few different times and has always described it as his "cash cow." I haven't ran any numbers yet, wanted to share, but I am curious what anyone's take would be on a good way to approach the topic of assessing the property? I want to take him at his word about the property, I've known the guy since we were younger, but I don't want to do a disservice to myself by not looking at the inside of the property, I also am concerned of not wanting to step on his toes as I feel blessed to have been even offered this deal. I should preface with we never even discussed going inside the property, purely a concern of mine that I'm probably making too big a deal of as he will likely have no issue with it. Any other thoughts/suggestions/advice is greatly appreciated? 

    Either way I was merely sharing what happened today just from a pure generosity aspect on my part and how it turned out to possibly be something even bigger. Hope you all are well and have a great Christmas! 

    Hi Cory, great to hear this got your foot in the door. 

    I would say you should always analyze, underwrite and inspect each property the same. So, as if from a stranger or from a friend. At the very least, there could be a major problem that you uncover that your friend is completely and honestly unaware of. If you closed and discovered after the fact after taking his work on it, it's just feel-bads all-around. This is why people say it's a business decision, all the emotion out of it. 

    Otherwise, any way you can separate yourself from others is a huge plus. I dropped off donuts the other day at my property manager's office just as a thank you for doing one of the hardest jobs in real estate. It may or may not make a difference, but just the gesture could make the company care more about my property than normal. 

  • Cory LucasPro Member
    OP
    Rental Property Investor · Brighton, IL · Member since 2019 · 431 posts · 139 votes
    6y

    @Michael Reilman thank you sir, sound knowledge and advice. Greatly appreciated, hope you have a good Christmas

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