I’ve been lingering around for a few weeks now and doing research on getting started in real estate investing since I’m working on starting a lead referal business while I work my way into preforclosure investing. I’ve been looking around catching myself seeking out FSBO’s when out running errands and the cummute to and from both jobs. I never really noticed them before… now that my mind set is different about REI… I find myself wanting to get something going and find my first investment opportunity.
Well… recently my landlord has had a tennant problem that finally moved out. But the apartment needs rehabbing so he’s working on that lately. Also, an apartment down stairs is about to become vacant because that tennant is in the process of purchasing a house. So soon there will be two vacant apartments… one of which is currently under rehab. The lot has two buildings on it. The front building being a four aparment/1 bed room/1 bath complex and the rear house is a two bedroom/two baths three story that needs some repair. The property is in an excellent location in town. Both buildings are in good shape but in need of some new windows.
I have been a renter from this landlord for four years. My parents have been renting the rear house for 17 years & one of my brothers rents the aparrment below mine and has been there three years. My family is in good relations with the landlord & as he has been working on the rehab project on the apartment across from mine… I have been talking with him about how I’m interested in getting into real estate investing. I’ve even helped him tear out the old bathroom & have assisted him with handling materials from his van. He even took me out to lunch one day for helping him out.
So today when I pulled up to the apartment… I saw him walking out to his van. I walked over to him to see how things were going with the rehab since I’ve been thinking about moving into that apartment after the project is finished. As we were talking… he asked me if I was interested in purchasing the rental property. I told him I may be interested but that I’d need to think about it. He told me that the real estate agent he talked to wants to list if for $260,000.00 but he offered it to me for $225,000.00 I’m very excited at the moment… but I’ve never done any kind of real estate investing… just read a lot about it. I’m very interested in this offer… but I’m clueless as to what the next step is or how to come up with the money.
I would greatly appreciate any advice on this one…