Deal Finding Testimony

[Brian Tome]

A couple weeks ago, a tenant called me frustrated about the condition of the property across the street. She said she felt like it would be a great neighborhood if the absent tee landlord across the street would just clean up his unit.

Sensing a "driving for dollars" opportunity, I pulled the tax records for the house and sent the owner a handwritten note telling him that I was interested in buying his rental property.

While we were on vacation in Mexico (see picture), the owner called me and said he had 3 properties in that neighborhood that he would sell me at what I think is about 70% of their current market value. My lender will finance them at 82% LTV, and if they appraise where I think, they will cash flow at a 10% ROI. All three are rented on month to month leases and when I raise the under market rents they will do much better. Plus, I will refinance in 6-12 months and get all our down payment back.

Not bad for a targeted letter and a deal struck from out of the country while on vacation! Just goes to show what you can get if you aren't afraid to ask!