[quote=earlyretirement] . . . The only problem seems to be finding great properties in great condition. There is almost no good inventory.[/quote]
Well, time to hit the pavement to research vacants, then, and, if not actually “lender shadow inventory,” contact the owners of record and make them an offer.
You don’t even need an agent for this and it is preferable to represent yourself in this situation. Have your favorite title and escrow companies in mind, however, and list them in your offer to purchase.
Contrary to popular belief, there are plenty out there but you must be willing to look in older neighborhoods.
Most of these older neighborhoods are VERY desirable to potential tenants … ESPECIALLY those who grew up in and around there and have relatives still living in the immediate area.
Don’t for a minute think older areas would bear less rent (relative to purchase price) as newer areas would. Remember, most older areas are far more conveniently-located and also more “coastal.”
Keep in mind your 2+ BR retirement home … preferably on a >7000 sf lot where you could possibly expand it for your needs down the road. Focus on those locations.
By “older,” I mean 35+ years old. Do you have a dog, early? Get in your car and park in one of your “choice” future retirement areas and start walking. Who knows? You might find something you can make a very quiet deal on and fix it minimally to put tenants in who will pay off your 15-year mtg for you 🙂
