Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
DanielSun

Should I try this?

Recommended Posts

I have a seller who is interested in doing a Coop L/O for 1 year. It's a nice condo townhouse, and the price is pretty reasonable. I don't know if I should pursue this or not, it's about 1.5 hour away from where I work and live, so anything I do needs to be out sourced. I estimate that it will cost me about $150 per week minimum, and I am not sure if 1 year term is too short for tenant buyers. What should i do?

Share this post


Link to post
Share on other sites

Daniel, don't be too quick to dismiss this deal. Weigh the potential money you can earn, versus the hurdles of working a deal on a property that is 90 minutes away.

Your estimate of $150/wk minimum to outsource some of the work, (I assume you mean showings and placing signs?), seems high to me. Who are you hiring and what union do they belong to? Have you spoken to the homeowner about assisting you with the showings? If so, and you are confident you can trust him, I'd look at that possibility. Your travel time to and fro will be minimal.

Share this post


Link to post
Share on other sites

If you decide to pursue it please share the details. I haven't had the greatest success with long-distance deals. Getting them signed up is easy enough and the seller is willing to do the showings, but I always find marketing to be a pain. I've tried it the other way too, looking for houses where I have T/Bs from my site. But the weird thing is my site generates the most T/Bs from towns with hardly any FSBOs :angry:

Share this post


Link to post
Share on other sites

Hi Doug, I have found there are certain types of properties that really attract buyers. The last deal I did, I knew I wasn't going to place any signs because it was far, but I also knew it can be sold without placing signs.

 

This one however, I am sure I need to put signs to attract buyers. A lot of people are just not too hot about town houses. I figured the signs I place will cost about $75 a week, because if I am going to hire someone to do it, the best way is to make it simple for them by giving them professional made signs so they can stick it under ground without much effort. (but the writing would still look hand written) Also pay them $75 a night seem like a good price, consider they would need a car. So $75 signs + $75 placing signs would be $150.

 

On top of that, I would need to find someone to show the place. I don't feel comfortable letting the owner showing it, I did it last time and it didn't work out very well. This would probably be an agent or someone willing to work on commission.

 

It's a $390,000 Townhouse so I expect option money to be $12000, but I find it is like a crap shoot looking for someone with that amount. Either you find it or you don't.

 

 

 

Who are you hiring and what union do they belong to?

lol...

Share this post


Link to post
Share on other sites

Daniel, with a potential to put $12K in your pocket, I'd try and find a way to make it work. That'll buy a lot of winter diapers for the little one. :D

Share this post


Link to post
Share on other sites

×
×
  • Create New...