Let’s say you have a landlord who owns 2 cash cows in your city. Both homes he wants to get rid of because he lives more than 1/2 way up the state you live in. I got the comps back on one, and it looks ok. The other, my main realtor couldn’t find ANY comps for the other home.
The landlord told me nothing needs fixed, as they were both purchased and rehabbed back in 2010. Both look like they may need a new roof soon, one home has central air & the other has no central air. I’ve already gotten rental comp pricing for the homes, too. What other information would I need about these homes other than the P&L statements & pictures, to make these work? What calculating formulas could I use? I know the CAP Rate / ROI. How could I word bandit signs to lure in potential landlord buyers or cash buyers in general? How could I apply this marketing to emails to potential buyers or Postlets ads? I know location is a big thing, too. The tenants pay on time every month, and they would like to stay in the homes.
I also though about doing a possible sandwich L/O with the seller (if he would do it) and market the homes as a lease option to pull buyers in that way. Would lease options work as well? Other than that, I think he wants to take his $ & run as he doesn’t have time to come all the way to town for these properties.
What do you think? Thank you in advance.