I am looking for advice on how to get an owner to sell their run down home. Any tips as far as post cards, how to catch their attention/get them interested in talking numbers, etc. would be a great help!
Background:
I lived next door to this house my last year in college (2010-2011). The lady who owns the home has been in a nursing home for at least 4 years. Her son's address in Dallas is the contact listed on the appraisal district's website.
The county lists at ~$100k, but this is far overstated. The property has not been taken care of for years and needs a lot of work. Similar houses in the neighborhood range from $115-145k. It is a 3/2/1, but almost every home in the neighborhood has a converted garage, allowing me to rent to 4 college students. No central heat/air. Needs pretty substantial cosmetic work on the outside. Approx 1,635 sq ft. Pier & beam.
I have no idea of the condition of the inside, but figure if I could take it for $30-45k and have a $35k budget (if I need to gut the place), I would still have room to refinance with a traditional lender and rent with positive cash flow as well as have profit built in.
I am new to investing and this would be my first property, any tips/ideas/etc. are much appreciated.
Thanks,
Alan
alan.c.novitsky@gmail.com