I am a new investor and have been looking for about 2 months for the first deal -called an ad for a duplex that was section 8 housing priced right. Took the family on a drive by to see this place and it was really bad shape and not to mention it was even worse area. As we were leaving the area we saw a for sale sign in a yard that had fallen down and it looked as though it had been there a while. I pulled up and wrote the number down.
It was a small house that appeared to be in very good shape. Drove about 4 miles and decided to call the number and talked with a nice gentleman that said the seller was having a problem selling the place and he wanted 55,000 for it but he needed the money quick and he would sell for 30,000 and a quick sell. I ask him how could I see the inside and he gave me the lockbox code we turned around and went and looked at it.
The house had been completely rehabbed and was in condition to be rented right away. Thought too good to be true – called an inspector and went ahead and wrote offer /depending on inspection and the inspector only needed 2 gfi receptacles and I went purchased and installed. Vacumed the floors and put sign up for rent and within 2 hours I had 3 people wanting to rent it. Ran a check on the first one and they passed our criteria and we have been renting ever since. We purchased on our home equity line of credit so we could do fast cash, went and refinanced and got all our money out and have around 200.00 per month cash flow. This was a great way to get started and I'm now looking for another deal.