My old buddy Richard moved out of State to Oregon over 10 years ago. In the last few years I would occasionally email him and tell him about this Real Estate endeavor I had started. He seemed a little interested and said him and his son had talked about doing it. Months and years would go by and I wouldn’t hear from him but I continued to send updates on the big checks I was cashing with photos & details.
I was also sending similar emails to my old bird dogs and actually got a few of them to give it another go that resulted in some successful deals.
Finally a few months ago Richard calls and said he spotted a distressed property along the HI way. I told him to get photos and talk to the neighbors and find out who owns it. This process took a month and a half with me sending him several emails of WTF? Well, lo and behold, he finds the father of the owner who lives in OR but the 2 sons that own it live in my town here in California. He sends me 20 photos and a phone number. Seller tells me it’s an old motel that was converted into 6 individual apartments. They were now vacant and distressed. He then tells me he’s sold them twice with owner financing and got them back when buyers ran out of money. He also tells me him and his brother will take $79,000.
I wrote up an offer for $62,500, he comes back with a counter at 75 then 64K I told him because of the condition and the risk involved and because I was a cash buyer I’m topped out at 62,500
Also I had a gut feeling they wanted to desperately get rid of this liability especially when he told me they were behind in property taxes that they agreed to pay.
I’ve often heard how important it is to stay connected with all contacts and how this Real Estate is a peoples game.
Just this morning the seller agreed to my price and agreed to sign the agreement. As soon as I get this paperwork back I’m going to do some serious marketing in Oregon in the nearby cities.
Wouldn’t it be a kick in the butt to get this deal sold and Richard and I to make a good chunk of change?
All because I kept him in my loop.
Let’s make some MONEY…
Rando