Howdy TREC crew:
I attended the Austin RENC meeting last week and was very impressed with one investor’s recent deal that he got at an estate sale in Gonzalez, TX (about 60 miles or so from here?)…
He was able to purchase a 25 unit multifamily for $127,000 and change. I believe he said almost every unit was rented and provided cash flow of $4600 a month. His PITI was $1800 or so a month.
He said the units weren’t in great shape, but nothing horrendous was wrong either.
It seems like a property with these numbers in Austin would go for at least $275k if not $300k+.
So my question is - did this investor find this deal simply because the estate sale was poorly advertised and he was intrepid enough to venture outside of a big metro area to find it?
If this is the case, anyone smell an opportunity to track down these poorly advertised estate sales and sell lists of them to investors that are interested in creating a more efficient market for these types of deals?