Papa Roddy purchased 5 rentals and 1 home with a total of 5 garages in Belpre, Ohio for $145,000. In a down economy when everyone is talking about housing costs, the recession and basically everything else that is negative in the economy I thought that you should see some of the real estate deals that are available.
Papa did not use a realtor for this deal but dealt directly with the home owner. Though he had been working on this real-estate purchase for a little over a year when he got the properties appraised they appraised at $205,000, plus the bank paid his closing costs, and gave him $3,500 for fixing up the duplex that I am commentating. Oh, yeah and the bank refinanced his other 3 rental properties so as long as they stay rented then those 3, which were breaking even before the refinancing, will now pay for all nine of his properties!
So the real estate deals are out there but you have to be looking for one; two you have to be willing to make and offer; and three you have to be patient if the deal does not go through right away. Papa Roddy also has made a $25,000 cash offer on a $31,000 bank repo, and is in the beginning stages of negotiating a deal for 30 more units for $249,000! Keep your heads up for the deals and happy real estate hunting.
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