OfflineI just got a response from my website. The customer is in the process of replacing flooring and sheet rock. He is looking to get out from under his mortgage of $20,000. I am wanting to know what you what you think the best option would be for him. I have not viewed the property nor do I know it's condition.But I have emailed him asking for specifics about the mortgage such as any foreclosures, hardships, and case specific details. I also inquired as to the shape of the house.
Thank you in advance for any POSITIVE input
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I would say repost this question on another part of the site if you want more people to see it.
What are friends for?
So is the seller trying to get rid of that property while hes making repairs? have you checked that property's ARV?
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
you HAVE to know the VALUES
whats the FMV?comps in the area?
repairs needed/cost? rent rates?ARV?
sq ft, beds,baths,
WHY they selling?behind on payments?
L/O or sub to, possible
you have any buyers lined up? whats their criteria
MANY MANY ways to structure deals--
be 'PROBLEM SOLVER'
use seller info form or seller lead sheet so you can ask the RIGHT ?'s and gather info needed!!
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
I have already sent those and other specific questions to him in an email. The median FMV for his area (a small town) is $48,500. I inquired also as to the specifics of the mortgage and to the reason for selling. I will obatin the specific address in the reply to his response. Sorry if this seemed premature, but I am basically wanting to know if it is possible to flip the house for the seller and still make a profit (providing that all the answers to my questions give a green flag), or would it simply be a "bird dog" profit?
If the deal is a good one you shouln't have too many problems. While you are waiting why nott do your "homwork" and search county records, have your RE agent pull comps to factor in your profit. This information will be usfull if you decide to wholesale and if you want or keep it simple and bird-dog it to your buyer. The minformation you gather will give them something to chew on.
What about renting it out? Basically for us to render a suggestion, we need more info.....In my humble opinion.
"Winners never quit and quitters never win."-Vince Lombardi
Rick
Rick Cooper Investments
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/98042/...
My website: http://rickcooperinvestments.usapropertywholesale.com/
Linkedin profile: http://www.linkedin.com/pub/rick-cooper/50/538/a7a
"It is a 3/1 frame house c/ha 1200sqft 1car garage 2 storage rooms storm cellar. Fenced in yard no its not being forclosed just want something new. It is actually owner financed lot size is 150/ 100"
This is his response to my inquiries. I'm currently looking up the FMV on the house
Now we're getting somewhere
how long has he owned property?repairs done?repairs needed?
whats the terms(payments/payoff/interest rate)on Owner Finance?
have you looked at property?
What can you sell it for 'quickly'?
what are rent rates in area?
use seller info form or seller lead sheet so you can ask the RIGHT ?'s and gather info needed!!
This is his response to my inquiries. I'm currently looking up the FMV on the house
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
how long has he owned property?repairs done?repairs needed?
whats the terms(payments/payoff/interest rate)on Owner Finance?
have you looked at property?
What can you sell it for 'quickly'?
what are rent rates in area?
use seller info form or seller lead sheet so you can ask the RIGHT ?'s and gather info needed!!
This is his response to my inquiries. I'm currently looking up the FMV on the house
The median rent in the area is about $490/month
Median house values in the area (picture the setting from the movie about Billy Joe Mcallister and you've got the idea of the layout) is $48,500
I'm still waiting for details on the mortgage as he has the paperwork in a safe deposit box