Hey, fellow Investors!
Just wanting to put my name out there a bit and connect with other investors.
Please reach out and tell me how you guys started in RE! Maybe just tell a story about your favorite deal.
I'll go first!
My favorite deal was done not too long ago. I actually just closed on it last week! I had it sold on the MLS, maybe one of you guys even put in an offer...... Anyways, the deal was located in Corning, CA. If you guys don't know where Corning is, It's a small town about 25 minutes from Chico and 45 minutes from Redding. The house itself.....It was an older home, built in the 1950's and it was small. Nothing charming about it, just and old rickety house. I'm not a contractor or an expert by any means when it comes to handyman work with houses. It really was just obvious that it needed work, you can tell by a simple drive by. This house really did stand out, it had obvious signs of neglect. You could tell by the old paint, grown out grass, and fence that was falling over. Fit's a good description of the typical deals we look for, right? I decided to do some marketing to the property owner and what I got back was chirps... Eventually, they did reach out to me. It took one year to be exact. Yeah, that's a long time. What ended up happening was that I got a phone call and was told the owner just wanted to get rid of the property. That got me in a hurry to get out and meet the owner! I met him at the house, he was a nice older gentleman from Oregon. Turns out, his son lived in the property for many years and didn't exactly do a good job of keeping the property tidy. It was filled with junk and he was just tired of the whole ordeal with the house. That being said, he offered for me to buy the house for $25,000. He figured, it was a win for him because his plan was to let the property sit until the city took it from him. It wasn't that hard of a decision for me to make, I bought it. Thankfully, I closed on a wholesale deal a week before so I had enough money to purchase it. I decided to work with a realtor and have the exposure maximized by posting it on the MLS. This house was rough, I guess it had some pretty bad foundation issues. I ended up getting a $82,5000 offer, how could I not take that? So, that's what I did. The house is worth over$200,000 when she's all done up and fixed. The buyer got a property that has major value add opportunity, I made my money, and the seller got money that they weren't expecting. Gotta love real estate!
