People often ask me how I find deals. The answer is that I get almost all my deals through personal contacts. Sellers call me because they know I am a serious investor that will buy their house or apartment building if the deal is right.
Today was a good example. I went into town to show a 3 bedroom house to a potential tenant. After showing the house, as I was headed for my truck, a man yelled across the street: "I bet I've got a bigger mess than you do." I walked over to talk to the guy. It seems that his elderly mother owns two houses near mine and has had a terrible time recently. He manages the properties for her. She had rented the property to some real scumbags and they trashed the place. Holes in the wall; trash throughout the place; magic marker "artwork" throughout the house - yes, they really did a good job of tearing the place up.
The tenant was finally evicted after not paying for a few months. Now the place will have to be rehabbed again. So, I told the man to tell his mother I would be interested in buying the property if she wants to sell. After her recent experience, she might want to sell now, or she might want to sell a year from now after her place is trashed again. Without the proper screening tools, her "luck" probably won't improve. It's just a matter of time before she is forced to sell. That is how I find great deals. I let people know that I will buy when they are ready to sell (at 50 cents on the dollar).
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