good morning all. I'm looking to buy my first rental property and I would like some help.
I just moved into a really nice neighborhood in western mass, and there are actually 2 properties I think might be good options.
1) at the end of my street (end of a dead end street) there is a 2 family with an all new exterior (siding, roof, windows, doors) and from what I can tell, 2 tenants that ruined both sides. (I've seen the current owner inside with a gas mask cleaning it out) It has been on the market for months, nobody has touched it, and now its been taken back off. I've put a note on his door about a week ago with my phone number and address saying I'm interested.
2) there's a single family the next street over, and the old couple that lived there has passed away. the son is currently cleaning it out and will probably look to sell. I left a note for him as well.
that's about as far as I've gotten. essentially what I'm looking for is a good deal on either a single family or a decent deal on a multi. These homes are probably in the range of 90k-150k depending on interior condition which I haven't seen. I'm buying strictly based on neighborhood (lots of new construction in neighborhood, lots of affluent young couples moving in etc)
My wife and I have the liquid cash to give up a small down payment (sub 20%) but I would honestly be more interested in a loan assumption or seller financing at first. My wife just purchased our house strictly on her credit so I could use mine for our next purchase, though.
This neighborhood is a suburb of Pittsfield, the largest city in Berkshire county. any ideas on where I should look next? good places to find more leads? etc. alos how to close a seller financed deal or a loan assumption deal.
thanks!