Now's the time to be looking anywhere and everywhere for deals. My partner Tom and I are headed to a property tomorrow, that is listed, in my opinion and based on my research, at about 50% of its true value. Why the owners are selling I have no idea. I also don't think they are hurting for cash, instead, just want to cash in their chips and relax...as in retire (sounds boring to me!).
It's a 27 acre parcel with good views, close to a Wal-Mart, has all services at site and the only questions I have so far are: 1.) what's the capacity for the services (can they handle a lot of infrastructure) and 2.) will the owners carry back some or all of the paper so we can get in with no-money down and structure a payment on the back end. All my other initial questions have been answered. I do know enough about the area and its growth rate to feel some initial confidence so we'll see what else we can dig up.
It's a chunk-a cash they're looking for, a hair over $5,000,000, so we'll see what happens. I think an option to purchase is even more attractive! I wonder if I can get one for a few hundred bucks? A challenge for sure!
I hope I have some good news to share with you about this piece in a day or two.
There's deals everywhere I look, including Loopnet.com and well, frankly, if you're not making offers on residential properties all around you that are in foreclosure, you're wasting time!
Good luck and Go Make an Offer!(TM)
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.SecretsofRealEstateMillions.com
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