I have located a vacant home in San Diego. The owners moved out years ago and have been renting it out till about a year or two ago. It has been vacant since. I went to down to the tax assesors (spell check) office and got their new address and have not contacted them yet
I know i might have my hands on something here but just don’t know the best way to approach this situation due to inexperience and lack of knowledge. :-\
I currently live in Vegas so if i do buy the property i would not be interested in moving in it. Just purchase it to make some quick money to build up my cash reserve and move on to the next investment.
Here’s were i stand:
Experian:634
Equifax: 657
TU: 674
I have a little less then 9k in cash reserve that i rather NOT touch.
What is the best way to approach this??? How can i create a win/win situation for me and the owner??
First of all, congradulations on finding a property.
Do you actually know where to contact the people, or just have there adress that is not yet verified.
With 9K in reserves, dont spend it. You have more time than money to try to make this work.
What is the amount of money you are thinking you can make off this? (i realize that you dont really know enough details, but my question is what would you have to make on this deal, for it to be worth your while to pursue?)
What is your contact/network base in San Diego, you say your from Las Vegas (between the two, my favorite two cities). One city has all the pretty girls, the other all the easy ones. (did i just say that?)
I ask the question above, whereas you may employ the idea of partnering with a player in the SD market whereas I am assuming this is your first deal. If the deal is worth it in the first place, you should not be afraid to share in the profits in exchange for finding someone that can for sure get a deal done.
Out of curiousity, do you own property in Las Vegas?
don’t get your hope too high. many owners of what appears to be vacant property are not intrested in seller or talking to epople who apear out the blue.
I’ve chased a fair number of these deals without any real luck over the years. That not to be said, it can’t happen, but the percentage of “hit” is very low. I have yet to run into someone who does this on a consistant basis. Most people whoing that kind of situation like to specialize into a niche such looking for property of dead owners.
Im pretty sure that they live at the address i got from the tax assessor’s office. I have not tried contacting them yet.
I would like to make no less then 10k on this deal if possible. I know of a old friend involved in real estate their (San Diego). But i have not made the effort to contact her to established a business relationship. (im B.S.'n huh!?)
No i don’t own property yet in Las Vegas but im shooting for October 07 (that’s when my lease is up) to purchase my first home. I should be well over a 700 fico by then.
Your right. But The house is located two house’s down from my parents. They have known of me and my family since way back. Maybe that will soften them up a little!
I want to send them a letter but i don’t really know how to address my situation. Any suggestions or examples?
I would send a letter or better yet call or go see them in person since you do have some knowledge of the people. I would tell them that you noticed the property looked vacant and pretty run down, and just lay it out that you would be interested in buying it. I am in the process of buying a house that belonged to a person I know who’s mother died and left behind a house. It was a little awkward to approach him about buying the house but it turned out that I was just the type of person he was looking for because he did not want any of the hassle of having to clean up the property and go thru the trouble of listing the house or getting it up to living condition for a buyer. He just wanted a way out as easy as possible for him and his sisters. They may be in the same position and you will be just what they are looking for. GOOD LUCK The worst that can happen is that they will tell you to get lost.
How did you find out that it had been rented for 2 years and that it has been vacant for 1 year? Do you just know the area or is there somewhere you went to look it up?
when you go speak to them in person, have a game plan. know what you’re going to say, think of questions they’ll ask and have answers to them. exude confidence and get PUMPED UP before hand.
loosen up and get all the knots out of your stomach. shed your doubt by jumping up and down and yelling a whole lot. loosen up and go in and close the deal!