Last week my friend was walking out of the complex where he owns a condo. A lady came up to him and said “Sir, I have to move back to Puerto Rico immediately. Do you want to buy my condo?”

He referred her to me. I bought it for 25% below FMV with a positive cash flow of 2000/yr with ZERO down!

Call me soft, I negotiated her down some but I gave her two grand more than I really wanted to pay. (I looked at it as 12.50/month off my cash flow. :frowning: ) and she really needed it.

The place needs a pane of glass fixed and NOTHING ELSE. New paint, carpet and updated kitchen and bath! Practically turn key.

The lesson here for the new investor is this. When you are an investor and people know you are an investor these deals come to you OUT OF THE BLUE! They really do just fall into your lap! Search the MLS all you want but sometimes the deals come from the strangest places.

I am hoping some other seasoned REI’s can back me up on this with some more OUT OF THE BLUE acquisitions.