392. Exploring Real Estate Investment Opportunities with Chris Russo

Hello again. My name is Chris Russo with 123soldcash.com. I’ve been in the business for over 30 years, and I’ve dealt with all types. Of the situation, and maybe I can help. You give me. A call, and it’s just a. Phone call away. And I could be able to give you an offer by phone the same day. And let’s see what I can do for you. And this file I bought the brother’s house maybe three years ago. He was alcohol anonymous, and what he did, he invited all his friends into his place. And they’re renting, and they’re giving $50.00 a month for each. The room was finally decided after a couple of years. Not. To not not. He wanted to sell it, so he told everyone to. Leave, they didn’t. Want to leave? Had to give each person money, and they finally left bodies happy. We stayed. In touch, we became really. Good friends, he calls me on Thanksgiving, Christmas, and all the holidays, and I return with a happy Thanksgiving. And Merry Christmas to you. Whatever the holiday is. So I said. I always tell him if you know of anyone looking to sell, please let me know. And he told me, hey, I have a brother. Brother, he’s kind of. An older brother like 70 years old, and he’s in Ohio, and he has a house on a lot of acres. And so I called him, and he said if you want to sell, I watch your brother’s property and goes, yeah, I’ll probably in the future. So I kept in touch with them. And then, finally, the person I bought his house from. Hey, my brother’s now ready to sell. So I called him. I’m ready to sell. I looked online. I gave him an offer. I sent them a contract, and his house sits on, I think, 4 acres, and then the lot next to it is seven acres. So, a total of around 12 acres, but the house was built to get this 1850. The majority of the houses I buy are 19, fifty, 1960s, Seventies, 80s, nineties. But the 1850, I thought, wow, this is old, so anyway, so I sent the contract. He sent it back. I sent it back to him by UPS, and he sent it back to me. UPS ground, which I paid for, and I could do it for you. So if you have a contract I can send to you, I’ll pay for everything. You just need to sign and send it back. You send it back. I started to. I worked on it, and I said, can you do me a favor? Can you take pictures of the inside and the outside? He did. Obviously, 1850 needs a lot of work. So, from what I understand, there’s mold in the property. He’s just tired. He’s like, I think, 70. And I think he has a dad who’s like 90-something. So he’s tired of it finally and just wants to get it. Rid of it. So I had my specters go over the other day, and they look at it, and he said, Chris, I noticed there’s like a bunch of cars and tractors and go. How many, I don’t know. So there’s, like, it could be like 3. Four cars and three. Factors and normally what I do is if there’s if you leave your junk behind, sure, we’re going to redo the property and resell it. So we’re going to bring in containers. So I don’t mind take your personal things, you know, away and then leaving the things you don’t want behind. But I’m still trying to figure out how many cars and tractors could. It could be costly, because I heard. You know, between the tires and the cars, getting rid of it, it’s not that. It’s not that cheap, but anyway, if it’s. It’s cheap. Then, I can include it in my purchase price. So it depends on how many cars if he has, like 20-30 cars that can. It was very expensive. So just to let you know that you know it could be costly if there’s a lot of cars. So besides that, it’s like one street off the main road, and it backs to a like a when these movie theaters, outdoor movie theaters, and obviously, it’s a mess. But I see a lot of potential. And it’s on, it’s on, you know, 12 acres, by the way. You know, I do buy land. I bought land before in Homestead. I bought the land. In Port Saint. Lucy. So if you have land, I’ll buy it. And that depends on the situation. You know, if it’s near a main road, if it crosses water, there’s different situations. But the majority of the time, I can make an offer on that. So this one here, the land is worth more than the house. So it’s in the process. I got it approved the other day, so we’ll probably close in about two weeks. And the person that’s gonna buy and my partner, he’s gonna do what’s called a 1031 exchange. And that is, is he bought a property sold and made a profit, and he has a certain amount of days to buy another property. So he said this would be great for him. So. So that’s a good idea. So if you ever decide to sell a property and you’re going to hit with taxes, you know, again, I’m not account check with your account.

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