The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Mr Mark on June 07, 2014, 08:53:32 AM
-
Found what may be a nice opportunity. House was foreclosed and bank had it on the market. But I noticed they withdrew it, so I called the agent hoping to find out what happened, price, etc.
Turns out the bank still owns it, but has a tenant in the place that is a problem, so they have started eviction proceedings and taken it off the market meantime.
I m hoping to see if I can handle the tenant issue (maybe just pay her to move) and thus make an off market offer to the bank to take it off their hands now with the tenant situation for cash - at a steep discount, naturally.
Any thoughts fellow mustashians? Anyone done anything similar?
( retail on the townhouse is probably 100-120k, hoping to get it for 40 or maybe less... looks in really good shape from outside and interior photos)
-
That's the kind of bold moves that the "How to Make a Million in Real Estate" books are made of, I like it. That said, there is always risk in these situations. I'd be curious to see how it turns out.
-
Good out of box thinking. It just may work.
-
Absolutely. Offering to solve a problem is the best way to get a discount in real estate.
You'll have more or less success depending on the size of the institution you're dealing with, in my experience. Too big can be hard to get to a decision maker quickly. Too small can have repercussions as well (they're worried about their community appearance/goodwill and will do counterproductive things at time due to that, IMO).
I'm not sure what it has to do with door knocking (unless you mean knocking to talk to the tenant? - doesn't match what the phrase means, which is a specific term in real estate investing), but that's another great strategy for acquiring houses if you're good with people. :)
Let us know how it goes!