OfflineI literally spoke to the agent for the first time, only the second call I made about a property in my area with acreage. The agent has been around this area and helping investors since the 70's and he was very helpful about the questions that Matt had given us to present our case. Anyway -
This is a property that is not listed yet, has about 2 acres with it and he says it will need about 20,000 for repairs. (Probably more though since there are animals involved) He thinks the property will go for 90,000.00 but will flip for 175 or more. The thing is, there is an active eviction of a lady who has been in the property for 20 years. Me, I want to hang out for this - grab it when she is evicted. (Poor lady) and turn this around.
I am unsure of this deal and unsure of how to secure it at this time. I have no buyers!
Is there anyone who can guide me on this? THANK YOU!
J.Jessie Before proceeding I will always advocate pre caution.
1 I hope you read 30 days to real estate fast cash
2. I hope you checked to see if there are any liens apart from the foreclosure that is looming
3 although he has been helping and involved with Real Estate investors, having him pull recently Sold properties is in my best opinion the closes to actual potential market price for properties similar to this one and then working from this number will in my opinion give u more of an actual working numbers
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
We deal with this type of thing a lot. Our contracts state that the property must be vacant at the time of closing. We don't inherent the sellers problems or put ourselves into a position that would require us to do the eviction!So you can put it under contract and control/market the deal right away.
Get a CMA from your agent. Determine what the ARV actually is. How much will it cost to fix up the property to bring that $175k your agent says it will go for after rehab?
You need a buyer. How much demand is there for this type property? Are investors active in the area? Get the list of properties sold for cash in the last 90 days. Get as long of an inspection period as you can and try to sell the property to someone off the 90 day cash sold list. Put the property in Craigs List and anywhere else. Market it at your local REI club etc etc.
Good Luck!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thank you for your reply! I appreciate all of the cautionary notes and will do more diligence on this and future properties.
Thank you Michael!! That first paragraph stated it clearly for me. VACANT.
I will follow up with the agent - the property is not yet on the market due to the tenant.
I am working on the buyer!
There is a huge demand for this type of property - and even bigger demand for the price of the property!
I appreciate your answer, Thank you.