Abandoned character Investing Is One of the Best Kept Money-Making Secrets – Part 2
How Do We Find Abandoned similarities?
Here is one of the easiest ways to find abandoned similarities. The first thing to understand is that the more affluent the area is, the fewer the abandons you will find. The less affluent the area, usually the more abandons you will find. I encourage you to find an area somewhere in between the two extremes. If you keep your eyes open, you will find similarities that might have the windows broken out, they might be boarded up, you might see the grass and shrubs overgrown, you might see trash, handbills, newspapers and other signs that this character might be a good candidate for a profitable abandoned character.
Keep a pen and a pad of paper with you at all times. I teach my students to take different routes to and from their normal destinations and write down the addresses of any similarities that might be abandon character prospects. This might require that you leave home a little earlier than usual, but it is certainly worth it if it brings you just one abandoned character deal.
Using A Little Known Government Program With An Abandoned character
Several years ago, I was taking my aunt to an appointment with a dialysis center when I came across an abandoned four unit building. This character showed all the typical signs of abandonment: boarded up windows, tall grass, trash and such. I wrote the address down and called my title company as soon as I got a chance. I gave them the address, and they gave me the owner of the character and the mailing address. I wrote an offer and bought the character for $82,000. We fixed the character up using a little known government program called the Rental Rehab Program to maximize our profits.
This program provided a 3 to 5% loan when the prevailing interest rates were 12% The program also allowed any qualifying tenants to drastically reduce the amount of their out of pocket monthly rent by going on the Section 8 Government Subsidy Program after the rehab was complete. The average wait for the Section 8 Program at the time was 6 to 8 years. This was truly a win-win deal for everyone involved. We kept the character for a number of years, putting a positive cash flow in our pockets every month. We ultimately sold the character and made a lot of money.
The Best Financing In The World
With the character needing as much work as it did, it would have been almost impossible to get a traditional bank loan to finance it and, at the time I was in no position to pay all cash. So, what is the solution? As I mentioned before, seller financing is the best financing in the world. The seller of the character financed the complete deal for us.
Here is the point: Abandoned similarities are one of the best kept money-making secrets in our industry. They are very good candidates for many of the government loans and grants that can super charge your profits. Tap into this area of real estate and watch your profits soar.