OfflineWell, this may just be my first deal. I located a probate property which has only one heir who lives out of the area. He wants to sell the property as well as pay me to take a boat that's at the dock. Yes this property has a dock at the back. It is considered a condo, 1991 square feet, built 1971, and is more than likely paid off or close to it (taxes are $771). I am going to look at the property tomorrow (he said the door is unlocked) and get more information. I'm very excited and ready to pass this off to another investor for a great price. I'll update when I have more details.
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Sounds like a great deal for you. Where is it located?
Brian
Regina,
When i grew up, My mom would tell me to do my homework! I had no idea how true she was,Your research will pay-off in REI.(Probate)
Invest in yourself!
There sounds like there could be all kinds of options here for you. If you work out a deal, maybe you can sell the boat for extra cash reserves. If the condo is paid off maybe they will carry some financing. You may want to explore all the options but it could be a winner. Keep us posted of any more details. Believe and Achieve!
- Joe
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It does sound good, huh. The property is located in Southern California. I hope everything works out on this deal.
Thanks, I still have more to do to be sure all my bases are covered but I'm gonna do all I can to make it a win-win for me and the beneficiary.
I hadn't even tbhought about the owner carrying financing, thank you. It might be an option because he seems to be ready to unload the property. And that really was the feeling I got when I spoke with him, that he wants to just be rid of the property. I am the first to contact him and he sounde d really greatful that I had. I'm excited and looking forward to what's next. I'll keep you all updated, thank so much for the support.
Thanks for the update. It could be a win-win option for all parties. As Dean says once you know the "hot buttons" of the seller you are that much closer to making a deal. It is funny I even read an article today in the Wall Street Journal about seller financing. The great thing is more and more people are open to it and may see it as an investment where they earn a better return on their money rather than just putting their money in a bank saving account for 1% interest. Believe and Achieve!
- Joe
YOU TUBE CHANNEL - Follow me on my You Tube Channel at Joe Jurek Real Estate Investing Adventures
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TWITTER - Follow me on Twitter at Joe Jurek CPA
Joe Jurek CPA
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Move fast as there's a lot of hungry investors right now. You dont want them finding out about this property. So as Anita would say.
LOCK IT UP...
Jason S.
San Diego, CA.
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You're right Jason, I do have to move fast and I am ready. The fear is definately there but has taken a back seat because my mind is working to try and determine how I can hold this property. Thanks for the encouragement!
I know you're right! I'm constructing my offer right now and will contact a DG coach prior to contacting the seller on Monday to see what he's asking. I'm anxious Thanks for the encouragement!
Regina, I guess we could call that a two in one deal. Moving quickly is key to getting that offer accepted. We are all behind you one hundred percent. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
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This is my first time really spending time on the website seeking help. I told one of my co workers that I am an investor. She began to tell me about a house that she is going to let go into foreclosure. She says that she has been renting the place out and her tenant is moving out 9/10/09. She was seeking help from government programs and found out that the bank would not help or modify loans unless you are experiencing hardship. She went on to say that the home was close to a year behind in payments and the bank has asked her to try her best to keep property. She says they have not began any stages of the foreclosure process. She just wants out!!! She's tired of tenants and spending $ to repair the same repairs every other month. She didn't tell me exactly what was owed on the property. My question is "What approach would you recommend that I use to profit on this type of deal?"
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Anointed
Anointed
That's right. The contractor that went with me to the house knows someone who may be able to tow and sispose of the boat for me. As long as they don't charge me $1000 I'm still coming out ahead. I'll be speaking with the owner towmorrow and get an idea of how creative he is willing to be. Thank you so much for your encouragement. I'll keep you all updated.
To update everyone. I found a probate property where the only heir lives in another town (a little over an hour away).
I learned that he is very interested in selling and I have had my first conversation with him about the price. He has determined the FMV to be $750,000 this is accurate but the property needs between $95k-$100k in repairs. The property was built in 1971 and has never been updated, not even the carpet.
During my 10 minute conversation with the owner he dropped his price from $750,000 to $700,000 then down to $650,000. I would love to keep this property but I have no funds to do the necessary rehab. I did what Carol did to get started as a birddog, I called landlords advertising properties for rent. In about 5-6 calls I got 2 possible prospects to purchase the property. They could see the value and knew that my asking price was very good.
Please look at this deal and give me some feedback, family.
$750,000 FMV
-9,500 Holding costs (3 months)
-30,000 Realtor fees (4%)
-22,500 Closing costs (3%)
-75,000 Pofit (10%)
That would make my maximum offer $613,000
Am I forgetting anything or am I offering too much?
Thank you all for any input.
To update everyone. I found a probate property where the only heir lives in another town (a little over an hour away).
I learned that he is very interested in selling and I have had my first conversation with him about the price. He has determined the FMV to be $750,000 this is accurate but the property needs between $95k-$100k in repairs. The property was built in 1971 and has never been updated, not even the carpet.
During my 10 minute conversation with the owner he dropped his price from $750,000 to $700,000 then down to $650,000. I would love to keep this property but I have no funds to do the necessary rehab. I did what Carol did to get started as a birddog, I called landlords advertising properties for rent. In about 5-6 calls I got 2 possible prospects to purchase the property. They could see the value and knew that my asking price was very good.
Please look at this deal and give me some feedback, family.
$750,000 FMV
-9,500 Holding costs (3 months)
-30,000 Realtor fees (4%)
-22,500 Closing costs (3%)
-75,000 Pofit (10%)
That would make my maximum offer $613,000
Am I forgetting anything or am I offering too much?
Thank you all for any input.
Regina - In one of your earlier postings you mentioned contacting a DG coach, why not do that again? Good luck!