OfflineI am waiting to hear back from the daughter. I saw a home in Waukesha county which is a nicer county next to Milwaukee that has seen growth esp. near this town. The tax bill says the ladies name and 2004 living trust next to it.
Then the daughters name under it with C/O and her name and address. Place is under weeds and tall grass and been sitting for at least a year. I called the number and an atty answered. He said they were asking around $200k and when I checked the tax bill was assessed at $208k. Now I haven't run comps yet.
The home is on 5 acres and most of the area on that side of the road is commercial, with also a bowling alley right next door, gas station, and a handful of smaller stores. There are two more houses next to this one. He said it is listed as commercial, but can still be sold as just residential. I am not savvy on this!
When he justified the asking price, and brought up that no realtor fees are involved, I came back with, well you aren't planning on septic and well inspections, or condition of the house. His response, you can sell off some land for commercial. Another thought, if this land is behind the house, would there have to be an easement for access, not sure how the land is laid out yet. But maybe the house wouldn't be worth keeping.
So I will run comps but will that justify the area that is all businesses. The car dealer two doors down is closed. Across the street, beautiful homes on the lake. any advice or things I should check on and I am going to ask to see it asap, as I have a REI meeting tomorrow night.
Any help on zoning or things like that I should check on.
Sandi
help home on 5 acres in commercial area
Posted on: Mon, 06/13/2011 - 20:59
help home on 5 acres in commercial area
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I checked on totalview and got estimates of $207 and zestimate of $213. But how do I find this out if there is commercial properties around it. Does that hinder or better the price.? I will check on homes recently sold, and will know more after I see the property inside. Weeds and grass are so bad, hard to walk through without getting a "zillion" ticks on you!
check to see whats going to happen in the coming years. Also consider higher and better use of the property... is it a property that could be rehabbed to serve a commercail purpose, if so you may be able to get some extensive cash flow out of the property.
Already have plans to go tomorrow to the courthouse and find out what is going on in the future out there. The place within walking distance just enlarged their facility and that is a retirement and assisted living. Plus a new hospital was just built in the town. New condos going in not far from this place. This home is a small ranch that does need work, but maybe a developer would be interested. Looks like just a small lot, but the land behind some woods is zoned commercial.
Wish the daughter would call me back, really want to see it inside. But having problems with comps, keeps telling me there is no such address.
The wonder of computers!
Sandi,
This can be a goldmine if you do your homework.
1. Research this at the courthouse records and gather all info(including transfer history)
2. Check zoning of said property in all parcels
3.contact daughter and see if she is trustee and beneficary of trust
4. run ###'s, if zoning is not commercial-you can change that
5. after all due diligence done and acceptable ....
6. LOCK IT UP
IMHO its in path of growth($$$$$)
rezoning usually not an issue
in a trust meaning they knew what they were doing and took advantage of taxes etc
Now its your turn
help them out
find a business to put there- put in some duplexes,condos,strip mall, etc
GO Sandi
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Will copy what you said so not to forget anything. Daughter is to call me back, but what is IMHO? And thanks for calling me Tammy, tough getting old isn't it
It is already zoned commercial, but the atty said it can still be a residential home. Home looks small, but then couldn't walk even to the back so high in weeds. You can't tell what you are stepping on. I did think it would be a good spot for condos. So will check all that out. Just need to pray that the daughter will work with me, if everything runs good numbers.
How do I do comps on what was sold, do I check it out with other homes in town.
Thanks for the advice, will be doing "due diligence" for sure!
Sandi
Tammy...oopps- Sandi, I stand corrected and corrected it in the post- and yes its tough getting old(sorry)
comps - when i use comps - use sq ft divided into price. then price additional land accordingly
ppl say i'm nuts by dividing sq ft into price but if you REALLY look at a 'deal' use sq ft prices and then add xtra for additional land
EX: 3000sq ft for $300k easy = $100sq ft so when you can find 3000sq ft for less than $100 sq ft it looks good-if both have 1 acre and good location-OK you have to weigh it all out-its all in numbers
IMHO I thought it meant 'in my humble opinion'....ooopps again?
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
thanks much! Actually the guy I stay with is a carpenter, builds beautiful homes, but he does the same with the price and sq ft, so totally agree and I will do that.
Just a note about face book. I did sign up with face book, but then what?! How do I get on with other investors or anyone with DG? I have family and friends on it, but how do I do it for investing. Should ask this on another post, but if you know, let me know.
Have a great evening,
Sandi