Tomorrow I am going to look at a 5/1 1200 sqft 1-1/2 story single family detached home. The home was left to the seller by his brother back in August 2010. The house is free and clear. The seller lives an hour away and can't afford to pay the taxes and insurance and mow the yard etc. The Retail comps in the area average out to $72k. The owner thinks it needs about $25k in repair. He has already thrown me a price of $12,500! He wants nothing to do with this property. He wants it gone. I already talked to a construction company in the same town who wants to buy it and flip it. I gave him the preliminary numbers and he wants to see the house as soon as I get it under contract. He has an attorney that handles assignments and he is willing to pay an assignment fee. The furnace was put in in 99 and so was the water heater. The house has no A/C so that will have to be figured into the repairs. The contractor has already agreed to go through the property and estimate the repairs. I am going to try and get it for $10k but if I have to settle for the $12,500k I will. I figure if I lock it up for $12,500 and sell it for $22,500. The buyer could put $25k into it and still make $20k plus. I could ask for more but why should I? Leave meat on the bone for the investor right?
"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
Tomorrow I am going to look at a 5/1 1200 sqft 1-1/2 story single family detached home. The home was left to the seller by his brother back in August 2010. The house is free and clear. The seller lives an hour away and can't afford to pay the taxes and insurance and mow the yard etc. The Retail comps in the area average out to $72k. The owner thinks it needs about $25k in repair. He has already thrown me a price of $12,500! He wants nothing to do with this property. He wants it gone. I already talked to a construction company in the same town who wants to buy it and flip it. I gave him the preliminary numbers and he wants to see the house as soon as I get it under contract. He has an attorney that handles assignments and he is willing to pay an assignment fee. The furnace was put in in 99 and so was the water heater. The house has no A/C so that will have to be figured into the repairs. The contractor has already agreed to go through the property and estimate the repairs. I am going to try and get it for $10k but if I have to settle for the $12,500k I will. I figure if I lock it up for $12,500 and sell it for $22,500. The buyer could put $25k into it and still make $20k plus. I could ask for more but why should I? Leave meat on the bone for the investor right?
Anyway, again, wish me luck tomorrow!
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"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~