I have been working on this deal for the last year or so. I found the owners by sending them a letter after doing some research at the county office. They were about to loose it on a tax sale and I helped them save that. They were having a lot of trouble getting a family member who was not paying what he agreed to and would not move out. Beside that the legal papers were a bit of a mess, to say the least. I was able to help get them in contact with the RE attorney that I use and he was able to get all the legal docs cleared up and now they have a clean title. The house is paid for and it was an inheritance.
Anyway they have been wanting to sell this house since then, but because they live out of state it has been very difficult for them. I have made an offer of 65K the ARV is 123K and the property needs about 15K in repairs. They had an offer of 90k for it, but when they saw the amount of work that it needed they bailed. Just lately they offered it to me for 85K if I was interested.
There are three siblings that will share the revenue and they seem to be cooperating with each other to sell this home but neither of them has the funds or the now how to fix it and list it.
I'm trying to figure out a way to buy this or tie it up where I could do the work needed (at 1/2 the cost) and then sell it and put the profit in my bank account.
Anyone out there have any suggestions?
I am all ears!! and eyes!!
Gene.
__________________
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
I have been working on this deal for the last year or so. I found the owners by sending them a letter after doing some research at the county office. They were about to loose it on a tax sale and I helped them save that. They were having a lot of trouble getting a family member who was not paying what he agreed to and would not move out. Beside that the legal papers were a bit of a mess, to say the least. I was able to help get them in contact with the RE attorney that I use and he was able to get all the legal docs cleared up and now they have a clean title. The house is paid for and it was an inheritance.
Anyway they have been wanting to sell this house since then, but because they live out of state it has been very difficult for them. I have made an offer of 65K the ARV is 123K and the property needs about 15K in repairs. They had an offer of 90k for it, but when they saw the amount of work that it needed they bailed. Just lately they offered it to me for 85K if I was interested.
There are three siblings that will share the revenue and they seem to be cooperating with each other to sell this home but neither of them has the funds or the now how to fix it and list it.
I'm trying to figure out a way to buy this or tie it up where I could do the work needed (at 1/2 the cost) and then sell it and put the profit in my bank account.
Anyone out there have any suggestions?
I am all ears!! and eyes!!
Gene.
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler