OfflineHere is the Deal
What else should I or can I do to move this property.
Buyer called on a Seller Bandit Sign.
- Seller owns property free and clear.
- Seller Wants out & is willing to sell for a big discount.
- I have a signed contract that is assignable for 40k.
- My best comp is 90k in same neighborhood, closed 6 weeks ago. I had to go outside neighborhood for 2 other comps. Both less than 1 mile and closed less than 6 months ago. Average of 3 comps = 78,267 average of sq ft of 3 comps 1401 = 55.87 sq ft x subject property 1324 = $73,975 value. Needs 4K in carpet paint and flooring.
- Has a tenant that is not paying & house is a mess.
- Hes motivation is sick and tired of her and does not know what to do with her. I told him I would help her get out (help find her a place or do eviction papers for him) and help him buy assigning the home to a investor.
- I have a closing date 10 days after she moves out (could be 30 days could be 60 days after eviction process starts).
- I have bandit signs out. Putting more cash buyer bandit signs out this Friday.
- Putting ads on craigslist.
- Email cash buyers that I know. 1 interested but not a buyer yet.
- Contacting a few past investor I know.
Thoughts, Ideas, Direction, past experiences appreciated!
Dan
way to go Dan
how much in repairs?get 3 estimates
Put a sign in the yard w/your #
some rehab contractors are investor too-call them and FOR RENT signs
put up flyers
signs on street poles
signs in areas that investors have purchased in recently and probably doing rehab/repairs(they'll see the signs)-if you see these properties,stop in, ask who owns it,get info-call them and offer deal to them
Visit tenant and tell them you are the new owner and they need to move out within 30 days, then formally send them eviction notice to vacate property(certified mail)
dont be greedy on the assignment fee, make it fast and your buyer will want more
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
You could try to track down those rehabbers Mike was referring above by visiting a Contractor friendly store such as Lowe's. Lowe's and other places may have people working there who's job it is to cater to contractors. These contractor representatives should be able to point you to some of their contractors that are investors as well (these reps probably receive a commission on what their contractors purchase so they do have a vested interest on giving you their own contractors). You could invite these contractors to the house and let them know what is going on.
You could then contact the city inspection department (or whoever does the inspections / licensing) to have them take a look through the place and they could tell you what must be done to have the property brought up to code. The might be able to tell you if the contractor has a good or bad reputation.
For me, Evictions are expensive (usually more cash than I have on hand)
Lawyer - $400 - ownership of property is in an LLC, I cannot represent the LLC
Filing fees - $131 - at courthouse (extra 5% if using a credit card)
Private Eye to deliver court summons - $40.
After winning the judgement:
Copies of judgement to give to Sheriff's office $12 (have to stamped and notarized)
Official Eviction with sheriff to secure the property - about $50 an hour depending on distance to Sheriff's office.
Most of these, for my area, require cash to do.
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Thanks.
"Visit tenant and tell them you are the new owner and they need to move out within 30 days, then formally send them eviction notice to vacate property(certified mail)"
What happens when the proceeding gets to court and you are not a party to the lease?
You could go to your Realtor, and have him pull the Cash buys in that general area in the last few months.Then have him contact the agent that listed it and see if they can bring you 2 together, and maybe he wants another property , especially if its like what he/she bought before.
Hope this helps, good luck
Curtis Fillers
(Charlotte, NC)
ps have the agent that was involved in the sale, get ahold of that person( cash buyer ) , is what I meant.
Speaking to the tenant part of this deal, try "cash for keys" tell her you will give her $500 to vacate without causing damage by such and such a date.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Yep, 4k in repairs.
- Interior paint $1500
- Carpet $1000
- Flooring $1000
- Exterior Trim paint and minor wood replacement $500
- Sign is in yard. I put that in the contract.
great I will put signs in near by areas with some bank owned homes.
Like House 4 sale 74K ARV
44K Cash!
Thank you Mike.
I appreciate your time and input. Thank you!
Dan
www.danbuyshomesfast.weebly.com
The seller has agreed that if I do the leg work he will sign the papers and pay for the eviction.
I have been blessed with a flexible seller. I am trying to be a blessing to him with helping with the tenant and moving the home for him.
Thank you for your time and input!
Dan
www.danbuyshomesfast.weebly.com
I am my real estate broker. (broker in Ga.)
The home was not listed.
But thank you for your cash buyers in the area. I will pull that list tomorrow.
Thank you for your time and input!
Dan
www.danbuyshomesfast.weebly.com
Thank you very much!
I will do exactly that.
$500 to move out by end of Feb. I will tell her after she pays her Feb payment. I spoke to her today about that payment and she said it would be paid on Feb 3rd.
Thank you Cathy. Awesome of you to provide feedback and input. I will let you know how it works out thank you very much!
Dan
www.danbuyshomesfast.weebly.com
Concerning Greedy. I was going to ask for 5k but I am willing to go down as needed to make the deal happen and or to build a relationship with a cash buyer. Any thoughts on determining assignment amount or what would be realistic would be appreciated.
Dan
www.danbuyshomesfast.weebly.com