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’ll want to avoid.
When Jay and Annie bought the house, it wasn’t entirely sighted unseen. They did have pictures, but they didn’t 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’ve 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 ½ 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’s work.
Included in this saga (which you don’t want to miss):
- Three separate tenant buyers
- Depressed manufacturing Ohio town
- Plus a muskrat in search of Nutri-grain bars
- And 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.
Watch and Learn:
Listen and learn:
- How Jay and Annie structure land contracts with a property.
- Are you a little nervous about investing in small towns? You shouldn’t be.
- How they help low-income homeowners get into a house.
- The difficulties of getting handymen or Realtors to work in a small town.
Mentioned in this episode:
- Joe McCall on YouTube
- Vision Focused Life
- Jay and Annie Adkins on Facebook
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