[quote=flu]So let me ask you again. Are you actively doing this right now, and have you been successful purchasing a property like this recently, and it is producing income right now? If not, and if it’s this easy why aren’t you doing it versus blogging about it? That’s my question. Because it seems like it’s a no brainer, why wait? Is there an inventory available from these described “sellers” who are interested in selling within the short period of time. Or do we have to wait 10,15+ years for people to start croaking before this happens? And again, why wouldn’t these people be putting the home on the market where it could fetch top dollars?[/quote]
A multitude of reasons. Because they don’t have the energy or incentive to ready these properties for sale. Some think their kids might want them (when they really don’t), lol. A couple of them marketed their properties between 2004 and 2006 and couldn’t get their “pie-in-the-sky” asking prices due to condition. Some of these owners (who all live locally) still think the market will “come back” to that. One property on a nice street has married owners who are privately “feuding” over its disposition. The wife is a “packrat” and doesn’t want to part with anything stored in the property. The husband moved them to another house they owned in order to leave her “collectibles” behind in the old one. (I wonder if she is “hoarding” there, also? :=0)
Most of these owners own multiple SFR’s, duplexes and triplexes and some own small commercial properties as well.
These people aren’t “sellers,” per se. They have to be (gently) warmed up to the idea with perhaps some “haul-away services” to sweeten the deal :=] Some are in failing health. Others are stubborn, emotionally-attached or are delusional about the real street value of their properties which are slowly being let go to waste.
If one waits until the owners “croak” (not within anyone’s control), then one must hope they “planned correctly.” Due to the amount of holdings some of them have, if there is anything amiss in their estate-planning, it will cause some properties to have to go through probate. This will entail the assignment of an administrator, who will have everything on the premises hauled away and auctioned off or given to charity. Then they will hire a cleaning company and then market the property in conjunction with getting a court order to sell it. It will go on the MLS and could attract flippers and investors.
In my neck of the woods, I’ve witnessed the above scenario repeatedly.
I can’t access the money right now. I have to wait. My potential “equity partner” already has the cash but currently has their hands full rehabbing a large property in their “off hours.”
Meanwhile, I’ll get the CPM designation while in a “holding pattern.” THAT is a no-brainer.
