Saturday, September 5, 2009

Deals in Western PA

Hi everyone,

I am sitting here in New Castle, PA, near the Ohio border. This area is a great place to pick up rental properties. I flew in yesterday and have already looked at a few dozen houses. I have a long list of more houses I want to look at, and will make several offers on these. The houses here are older stock, a lot of them are boarded up, in need of repair, and vacant. The population here are largely rental oriented, and finding tenants should not be too hard.

All I want to do is follow my mentor, Linda, and see what she and her husband have done here for the past 3 years. I am aiming to pick up one house to start. I know I have been out to Cleveland twice, and have not successfully closed on a house yet. But PA is different in that I don't have to escrow rehab money with the city. I can just buy a house and start fixing it up.

I did look at several potential deals today, all REOs. I also met with a contractor who knows what I am trying to accomplish. Tomorrow I meet with a realtor who knows what I need to do.

I am hoping, praying, expecting to buy a housed from this trip. I have to. I can't keep going on these trips, pretending to be an investor, and wasting time and money. I need to close on a house and start generating income from it. The biggest hurdle is finding investors. The deals are awesome, and I just need to explain them to potential investors.

I will keep you updated on my efforts. If I can close just ONE deal, then the rest is easy. It's just a matter of repeating.

2 comments:

Kelly said...

RIGHT ON TIM!! Talk about massive action! It has to happen! I love your 'can't fail, soldier on' attitude. Go Tim!

Steph said...

Hi Tim,

Nice to see you out there taking action..

There's nothing wrong with taking your time- you don't want to rush into something just to do a deal.

Keep on truckin'

Steph