Years ago I received a call from my realtor about an investment rental property that came across his desk. I was one of his best investors, so he called me first. When I saw the outside of the property it was clearly a big home in a decent area. I immediately wondered why this property was still available.
Once the realtor opened the front door I immediately understood why it was still on the market. There was a stench of urine and other foul smells I still can’t describe!! It was so bad that my realtor wouldn’t even go in the house! I figured if he wouldn’t go in, many perspective buyers definitely wouldn’t enter either. So I held my breath and ventured past the door.
I took a quick look around and realized the property was not in bad condition. It was on the market for $60,000. Betting that no one else could stand the smell, since I was about to vomit, I submitted a bid for $30,000. The next day my realtor called and said, you just stole that property. The property was worth $80,000 with only about $12,000 needed for rehabbing. I only won the bid because I was willing to endure what others would not.
Sometimes buying residential investment properties is a lonely road. Always be willing to go the extra mile. You might have to walk it alone, but you’ll receive the benefits alone too.
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