" There’s ALWAYS a SOLUTION "
Wow, I almost walked away from a deal because my cost projections had me negative for the first year ( new fridge, cost of clean-up and VERY minor repairs, plus the cost of placement with property mgt co., vacancy expense, maintenance, taxes and insurance)
Year two would have been a little better, and I could sell at a nice profit by then, but don’t yet want a ‘tax- break’ property.
Lo and behold, before closing, I spoke with my realtor and we have two prospects lined up seeking owner financing who want to live in the property. One of them had put in a (higher) offer right before I bid, but his financing fell through.
I had my agent tell HIS agent that ’ His problems are OVER’
Our cash flow will be $300, we will more than double our money and I’m going to structure the sale as a land contract to further protect myself.
We now have 2 other similar properties to look at and there is a demand for owner financing in the area.
No property management fees, no insurance or re tax expense, no repair or vacancy expense AND better cash flow?
What a country , America!
Have a GREAT Day!