My name is Mike and I am fairly new in this industry…
I have a seller that has presented the following situation. She has power of attorney for her son who owns a property in “not a great area” and I would consider it a rental prospect. Property purchased 2 years ago for $35K. Mortgage payments are $253/month and are current. Median sale price for houses in the area is $31K. So right now I’m looking at this deal and thinking…NO WAY. She has probably only taken maybe $500 off the principle and I can’t help.
Here is the problem…after discussing with her the fact that I would have to run the numbers for this property she reveals that she has 2 other properties that she owns free and clear and just wants to get rid of them. Now I am thinking there might be opportunity here. I have to meet with her to view the other two properties in the morning… I know one of the properties needs a good amount of work and I’m not sure about the other… I would appreciate any suggestions…
Thanks in Advance!!!
Mike