OfflineThis is a brick 3/1 with a full basement and double garage. 2095 SF.. Asking price was $105K. I could tell from the outside that it needed lots of work but didn't think it needed as much as it did. The owner gave POA to his son. They are Chinese and Owner is in China. He had been renting it to his "help". He owned a restaurant and it closed so it's been empty for 7 months. It is in a great location and a nice neighborhood. After asking questions, I found out that he owes $75K on it but was told payments and taxes were current. The basement has been divided into 5 rooms and there is 1 bath in the basement. All floors in the basement are still just cement. All floors on main floor are carpeted and it needs all new carpet. The huge kitchen needs new cabinets and all appliances and new flooring. The Bath upstairs needs updating. Most of the windows look bad and some are cracked so it will probably need all new windows. In general, it needs to be gutted. He did tell me the HVAC was 5 years old, roof was patched last year due to a tree falling on it, and it looks okay.. he said plumbing is good and electrical is good. There is a new water heater in the basement. The house has good bones, but needs lots of work. So I don't know how to evaluate the repairs, but my guestimate would be upwards of $30K... maybe more. Since he owes $75K, I asked the son if he would take $75K. He called his dad and he said he would take no less than $80K so I locked it up for that. I don't know whether to market it retail or wholesale. Totalview shows $131K and Zillow $138K. If it needs $30,000 in work and he wants $80000, that's $110,000 minus $80000 leaves $20K to work with. Does anyone think this is a deal or not? I just got tired of trying to analyze and figure everything out before I made an offer so I just went for it. I thought I'd take the 30 days and then figure it out!! LOL
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
That would just make my day, my week, my year!! I'm keeping my fingers crossed. BTW, I tried that website and the address I typed in didn't work very well. It showed a picture but it wasn't my house! ??
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Hi Shirely theres not much I can add, keep the pencil sharp and follow through on the midas touch.Your taking action and more action will come.Your awesome keep up the the wonderful work, cant wait to see how this one turns out and we are with you and so very proud of you , Jim
jbischoff
That contract expires tomorrow, but I discussed it with my new partner in the deal and we're going to talk to the owner (atty in fact) on Monday to offer $40000 down (what one buyer is willing to put down) and take up the payments. He was open to it and so we'll sit down Monday and talk to him. If the same buyer is still interested, we'll get about $7500 upfront and less in the end because he already knows the asking price was $87,500. If that buyer is not still interested, we'll find someone else and raise the price to $110,000 (still below market value) and get more in the end. We'll get a small amount in the middle too. This will be a learning experience for me since I have not done a deal like this before. Wish me luck!!!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
The repair estimates came in around $15,000 max, not $30K like I originally thought.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.