I made a contact with a local property manager months ago. He decided to sell his business and relocate to another State. He called me and asked if I would be interested in buying a property even if it was a "black hole" that he was having trouble renting. I took a look at it and bought it 14 days later. The seller was so relieved he must have thanked me 5 times.Purchase price=Subject to $204,000 (loan amount owed to bank) 26 year fixed rate loan $1878 PITI.
Cash in deal= $3,093 ($2593 for closing costs and $500 referral fee to property manager)
This property is a triplex (2 x 2 bedroom 1 bath units and one 3 bed 1 bath unit) zoned commercial, (so we can put a big ass sign in front of it) sitting on a major street 4 blocks from Weber State University. We moved our offices into the top floor and converted the main floor into shared office space for professionals that want a full time "look" to their business without the full time "cost" of it.
In the fully finished basement we have a conference room that we rent out to local professionals as well as conduct weekly real estate training for investors that are interested in knowing what we know.
I think the lesson here is that if a property doesn't fit ONE job description then maybe you should change it to something else.
Enjoyed the post. Would it be possible to get in contact with that owner of the property management company that sold it?
ReplyDeleteWe are interested in finding out what property management companies go for. As we are looking to start one. It would be greatly appreciated.
email me- nate@redbearcapital.net
thanks
The company was 24/7 and they sold it to a group calling themselves Paradigm. I will find out what the strike price was and let you know.
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