I got this tip from a lady who does the cleaning for us. She does a lot of house cleaning in Westchester county NY and she knows a lot of people, she knows that I am always on the hunt for new opportunities and she put this deal together. Of course she was looking for a commission and I did not blame her for wanting one, but I was not looking to make her rich off of it. Still it was a good deal, so she got enough to make it worth her time and the effort she put in it. Now the trick is to get the place fixed up and find a tenant or some person who is going to want to give me a price where I make a good return on the money that I have invested in it. Of course the guy who sold me the place was just looking to get out of the deal.
He was a dentist or something like that and he has a brother in law, like most dentists have and the brother in law had gotten him in to a deal that he was not able or willing to carry through to the end. At any rate it was not a good deal for him and he was looking to get out from under it. I could tell he was going to lose money on it, but my interest was in paying a good price for the property. It had to be something that made sense after you figure the cost of fixing the place up, and it is a long way from being up to code at this exact point in time. I have some of my associates down there getting ready to bid on what needs to be done.