OfflineHello DG family,
My name is Adam Martinez, I am brand new to the DG family. I recently ordered "The Edge 10" DVD's and have watched them several times now! I've started marketing myself and I've been checking Craigslist daily for deals, and yesterday (on my B-day) I wrote my first offer and it was accepted! I know, I can't believe it either! I wish I could buy it myself and keep it for a rental, but like I said I'm brand new to this so I can't right now! With that being said, I'm looking to assign it to someone who can! Its a 6 unit building in a historical part of town in Red Oak, Iowa. Needs only about $3,500 in repairs, and each unit can rent for $300-$350. If you would like more info or can offer any advise, I would greatly appreciate ANY feed back!
Thanks,
Adam
Congrats, buddy! Action=Results. Way to go!
Great job!
Many blessings,
PD Moua
it's great that you are taking action, and that you found a great property, but finding properties is not going to get you anywhere if you don't have buyers to buy them...
You need to get a list of buyers first; you find out what type of property they want to buy, how much they want to pay, in which areas, etc etc., then you go out and find those properties for them.
You may find great deals on properties that fit your criteria, but that is not necessarily what your buyers want...
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I am now realizing how important the buyers list truly is and how much easier it would be finding a property with a buyer already lined up! As we all know this is a constant learning experience. I knew going into this deal it wouldn't be easy, but if nothing else I will gain a lot of knowledge (hopefully a check as well). Another good thing is since I've been advertising this one property I've stumbled upon a couple more and my buyers list is growing everyday!
it is a constant learning experience for everyone! I'm glad to hear that you're buyers list is growing; once you get a couple of deals, then your buyers will come back for more, because you will know what they're looking for!
congratulations on taking action and making it happen!
Wishing you success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
That sounds like an incredibly low price, I want more details. I can help u market the units and you can flip them for a quick fee to an investor. Rando1
Rando
What are the taxes? utilities? Is there a property management company in town? Red Oak is a tiny town so my concern living in Des Moines is lining up management. Also I need the last couple years and current rent rolls if possible. For 25k I have a really hard time believing it only needs 5k in repairs, but either way, I'm interested if you can get me that info.
Thanks
The taxes are $1800 yr. not sure if that's based off the old value or current? I already have the current owners property manager in place, who is also the handy man! The current owner came into some money problems so I was able to negotiate a great deal! I spoke to several RE brokers in town to figure out what these units would rent for, since the bank foreclosed on the previous owner and evicted all of the tenants. The only repairs need minor cosmetic issues (paint, carpet, light fixtures), the handy man seems to think it will only take $3500 to complete (which he will do), I just was over estimating the $5k in repairs!
Congratulations Adam!
I'm always amazed at how taking action works so well! Hopefully you have found a buyer for it. If not, have you been marketing it far and wide?... in the bigger cities that are closest? I'm a newbie, so I still believe if you find it (great deals) they (the buyers) will come. A landlord could probably get an ROI of 30 or better!
Good luck and keep us posted,
Aniko