Always Be on the Lookout for Vacant Properties

Finally, in addition to using all five of the property search methods that I have outlined in this chapter, always be on the lookout for vacant properties while driving around town. How do you go about spotting vacant properties with profit potential? It is really not that hard to do once you know exactly what to look for. Probably the easiest and quickest way is to simply look for properties exhibiting any of the following telltale signs of blatant neglect. Look for properties that have:

1. Trash-strewn grounds.

2. Overgrown landscaping.

3. Graffiti-covered walls.

4. Broken windows.

5. Missing doors.

6. Peeling paint.

7. Leaky roofs.

8. Overgrown walkways and parking areas.

A sample letter to vacant property owners is shown on page 94.

Use the Internet, Property Wanted Ads, Bird Dogs, Finder's Fees FORM 9.1 Sample Letter of Proposal to Purchase a Real Estate Option

August 28, 2005

Mr. David D. Jones

5300 West Oklahoma Avenue

Tampa, FL 33629

Dear Mr. Jones,

I propose to purchase a real estate option on the property that you own at 7809 Iowa Avenue in Tampa, Florida, under the following terms:

1. I will buy a one-year real estate option to purchase your property in as is condition, for an option fee of three thousand dollars ($3,000), which will be credited towards the purchase price when the real estate option is exercised.

Please note that the three thousand dollar ($3,000) option fee is yours to keep, whether or not I exercise the real estate option and buy your property. In other words, the $3,000 option fee is yours, whether I buy your property or not!

2. When the real estate option is exercised, I will purchase your property for one hundred thousand dollars ($100,000), and close on the purchase within 30 days.

3. When the real estate option is exercised, I will make a total down payment of six thousand dollars ($6,000), which will include a three thousand dollar ($3,000) credit, for the real estate option fee paid.

4. When the real estate option is exercised, you agree to take back a purchase money first mortgage in the approximate amount of ninety-four thousand dollars ($94,000), at an

8 percent annual percentage rate, with monthly loan payments based on a 30-year amortization period, and a balloon loan payment for the unpaid balance, due 10 years from the loan's origination date.

If you are interested in my proposal to purchase a real estate option on your property, please call me at (813) 237-6267 or e-mail me at [email protected], to setup a meeting to discuss my proposal in greater detail.

Sincerely, Thomas J. Lucier

Copyright Thomas J. Lucier 2005. To customize this document, download it to your hard drive from Thomas J. Lucier's web site at www.thomaslucier.com/optionforms.html. The document can then be opened, edited, and printed using Microsoft Word or another popular word processing application.

FORM 9.2 Sample Letter to Vacant Property Owners

August 28, 2005

Mr. David D. Jones

5300 West Oklahoma Avenue

Tampa, FL 33629

Dear Mr. Jones,

I specialize in buying properties in the Tampa Bay area with title problems, ownership problems, management problems, vacancy problems, financial problems, maintenance problems, tenant problems, cash flow problems, structural problems and code violation problems.

If your property is currently experiencing similar problems, and you are interested in possibly selling, please feel free to call me anytime at (813) 237-6267 or e-mail me at [email protected] to discuss your situation.

If your property fits my needs, and we are able to agree on a sale price and terms, I will be able to close on the purchase within 10 business days or less, depending upon your particular circumstance.

I look forward to hearing from you soon and to helping you solve your property problems. Sincerely,

Thomas J. Lucier

Copyright Thomas J. Lucier 2005. To customize this document, download it to your hard drive from Thomas J. Lucier's web site at www.thomaslucier.com/optionforms.html. The document can then be opened, edited, and printed using Microsoft Word or another popular word processing application.

CHAPTER

Best Investment Tips and Ideas

Best Investment Tips and Ideas

The dynamics of investing can be very emotional and stressful if not properly managed. When you are aware of what is all involved you give yourself the power to avoid those situations or at least manage them effectively. That will make your investments more exciting, rewarding, and enjoyable. Those positive factors will only lead to greater success in all that achieve with investments and life.

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