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.
