OfflineJust found a nice 1 story brick 3/2/2, built in 2003, in a wonderful neighborhood. REO. DOM is 116. Asking price is $41,800. Eppraisal is $69.636. Totalview and Zillow do not have an apprasial on this property - don't know why. Looking at the pictures, I can see it will need paint & carpet, flooring in kitchen, maybe new cabinets and appliances, at least 2 windows, and exterior paint across the back of the house. The bathroom pics looked pretty good.
I don't have comps on it yet, but because of the neighborhood, I'm thinking the AVR should be well over 100K.
But, there was a note under the property info that read...'Purchaser of property may not resell, record an additional conveyance document or otherwise transfer title to the property within 60 days following the granters execution of this deed.'
So, how would a wholesaler deal with the 60 day restriction? Any ideas, anyone? I have an appointment to see the property on Saturday. Should I just cancel appointment and move on to something else? Don't want to waste my time or anyone else's time either. But, I think the house has nice potential.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
Perhaps buy it in an LLC and sell the ownership of the LLC Or do it in a trust.
Do a hard money loan and sell in 60 days. Find an investor you trust and get a finders fee. Where there is a will there is a way!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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
I'd be very happy to pass this on to an investor and make a finders fee. I'll get the comps and take a few more pics on Sat. I know you're in Co., but do you invest in Houston? Or know other DGs that invest in this area. I have a buyers list, but I really don't know any investors. Thanks again.
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
Hey Michael, i was wondering how would that work if it were to be put into a Trust.(how to steps please) I have insider cash funding (double close) but dont have an LLC or the money to create one at the moment. Please explain the Trust strategy or any other way to close with out having a cooperation.
Need tips to successfuly wholesale REO's from Sacramento Cali???
- Look Out World, I smell my FIRST Wholesale deal coming...lol...
- "Ether we evolve or dissolve, but change is inevitable". - Davillion T. Royal Ward
- "All men dream but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act their dream with open eyes to make it possible". - T.E. Lawrence
Hi Sandra,
I'm an REI in Houston. Send me a PM (Private Message) with your phone # if you want to schedule a time to talk. Also, you can try posting your For Sale Ad at the DG Classified Ads, there's a lot of REI's out here.
http://www.deangraziosi.com/ed-classified
Good luck!
Cris