I found an old farm house 3/1 1300 SF on 5 acres that’s been vacant and vandalized.
I did a Title search and sent the owner a letter offering to buy the property.The owner calls me but don’t want to sell it bcuz it was his parents house. He went on an on about how all his parents belongings were carried off all except their clothes and photos.
They even stole the stove and fridge and are using the back yard to dump crap.
He has agreed to let me have it for free rent if I fix it up and make it livable and take care of the place. My first thought was ugh, I wudnt want to live there. But then I started the ol grey matter a thinking. I’m going out to meet him this week at the house. I will try to get a 5-10 year contract.
I’m thinking about Bringing in a handyman renter for reduced rent and make a killer cash flow on this bad boy.
In good condition the house and land shud rent for say $1,000 - $1200 But Let’s say I offer it for $600 a month for 5 years or 60 months, holy crap that’s $36,000 frikin dollars.
Looking for a handyman type guy and his family, fenced for horses w stables. It’s just 25 minutes out of the city. Also be great for a specialty farmer, has an irrigation ditch that runs along the property. I can spend a few hundred buks to replace a few windows and replace the bathroom pipes that were stolen or let my handyman renter do it.
It’s interesting the things that come across my desk, sometimes some really profitable opportunities.