Deals Gone Bad #18 - Buy a $6,500 House Sight Unseen - Jay and Annie Adkins Episode 955
Looping your wife in on a new property is one surefire way to avoid buying a dumpster fire. Jay Adkins learned that when he bought a sob story and a rural home from a down-on-her-luck seller for $6500. Investing in small towns can be a solid way to build a portfolio, but there are some pitfalls you\u2019ll want to avoid.
When Jay and Annie bought the house, it wasn\u2019t entirely sight unseen. They did have pictures, but they didn\u2019t realize just how old those pictures were. The moment Jay saw the house for the first time, he knew that paying for a $350 inspection would\u2019ve saved him the headache that this house became.
Not only was the heat turned off, but it was winter and the pipes had all burst, including the hot water heater. And getting a construction crew out to the property, which was 2 \xbd hours away from their home, was more difficult than Jay and Annie anticipated. Sending crews out to the town meant an overnight stay so that they could get in a full day\u2019s work.
Included in this saga (which you don\u2019t want to miss):
\u2014Three separate tenant buyers
\u2014Depressed manufacturing Ohio town
\u2014Plus a muskrat in search of nutri-grain bars
\u2014And a murder in the back alley
Jay and Annie love putting tenant buyers in their homes, and they see it as their mission to help low income homeowners get into a house. They talk about the requirements they put in place to protect their investment and give their tenants a running shot at cleaning up their credit and applying for a home loan. They fix and flip, wholesale, and offer lease options, all with heart and humor.
What's Inside:
\u2014How Jay and Annie structure land contracts with a property.
\u2014Are you a little nervous about investing in small towns? You shouldn\u2019t be.
\u2014How they help low income homeowners get into a house.
\u2014The difficulties of getting handymen or Realtors to work in a small town.