All Forum Posts by: Gerald King

Well, the rent on each unit is $200 a month. I have done some research and apartments of similar quality are $350-$400 a month.

This is a not so decent area of town. I will supply financials for the property in the past month in a few minutes.

this apartment is not in the best part of town...but not the worst...its downtown near the University....

Ok, here is the deal. Here in my area there is a 16 unit apartment complex that is up for sale for $192,000. Below is some info on the apartments.

Two story brick apartment community, pitched roofs, all 2BR/1BA, gas heat, seperately metered utilities, adequate parking, great upside potential. Appeals to investors seeking low maintenance property priced below replacement cost. Section 8 ready!

[IMAGE LINKS NOT WORKING, SO HAVE BEEN REMOVED BY ADMIN]

Above are pictures of the apartments. For this price would it be a good investment? I mean houses hear 3/2 run around $170,000....what are your thoughts? Should I try and contact these people and see what price I can negotiate, is this a potential money maker? Walk away...what....I need some help deciding what to do here....

I currently live right down the road from these apartments in a 2bed/1bath house and my roommate and I pay $1100 a month. Of course this is a house...but still...that says something right?

I have called to several code offices here in Birmingham area and no-one has a list of distressed properties that have code violations...that might be scheduled to be condemned, torn down, over grown lawn etc.

My question is...What should I be asking for and how do I ask for this? I am trying to get into wholesaling and this would be my first attempt to try and get a list of some sort.

Any ideas or help would be greatly appreciated.

Gerald

r2d246,

thank you for your post. This truely helps me grasp what information is needed.

ok, 94+ views and not one response. Surely one of you send out letters to individuals.

Care to share this so it can be modified and continue to be shared?

MikeOH...I like your way of thinking. Las Vegas was not built on WINNERS. Do you think the person that hit a jackpot at a casino just won big? Chances are he lost a great deal of money and time before he won big. He probably isn’t in the BLACK yet.

So my thoughts are similar to yours MikeOH. Don’t gamble. Why risk loosing when you can take your time, see how the numbers work and jump on the deal that does work, not one that MIGHT work.

Thank you for being honest with us MikeOH...I am in the US and not really worried about the market in Canada.....R2D2 you might want to not talk people into jumping in head first. People are putting their life savings on the line and you filling their head up with nonsense will just be what it takes for them to loose it all.

Does anyone here have a sample of a letter they send to vacant properties, FSBO properties etc?

I am having a hard time finding examples on the net to structure my own document.

Thank you for your help.

Gerald

I actually heard about this book from someone on a different REI forum and went to amazon.com yesterday while at work and purchased the book for $2.84 plus $3.46 shipping. That wasnt a bad deal I do beleive. The book should be here early next week and I look forward to reading it not that I have read all of your comments on the book.

Kane13 - thank you for your response.

So this is what I come up with. Let me know if I am wrong please.

70% of 845,000 = 591,500 . correct?

I suppose with the 70% factors in all the mishaps, and fees to sell the house etc? I have read Ron LeGrands books and he uses 70% as well...just not real sure why...

Also, is it safe to say that someone could sell their house for 70% below MV? If they owe 70% less than MV then why would they choose to just give their house away versus going through a realtor to sale it?

I am not trying to sound snotty and be rude at all. I just have a lot of questions. I am the type person that needs to know why this and that happens. I cant be told Just because. I hope you understand and thank you for your response and help.

Gerald