OfflineDriving neighborhood noticed an empty split level home. Did some online research and it belonged to a trust. Wife said go ahead and waste your time so I wrote a letter to the trustee. He had passed away but his wife called and told me how the previous tenants had torn up the place and she was REALLY Motivated to get rid of the house. The house is appraised at $120,900 and she is asking $130,000; she volunteered that she has paid the mortgage down to $70,000. Asked her if the mortgage is assumable - she thinks not but is going to ask. Will be speaking with the property manager later today to see the home. She is more than willing to hold paper and do what is needed to get a tenant into the home. This is due to Dean's TALD Letter right from the book I sent! I'm so scared and don't know what to do next yet I'm not stopping! My desire is to move my family out of this 900 sq.ft. apartment into this 2000 sq.ft. home, can anyone advise me?
Never Give Up, Never Surrender!
Hi Bill well your wife was wrong so keep riding that Bike on this deal an keep finding out more info,an find out what the fixup will be an if for some reason you dont want it assign it to a contractor, but dont quit, no, no, no, cant climb if you sit still in one place an the view will get better. Lets us know how it goes we cant wait to hear, Jim ( your living proof of the title "AEROSPACEMAN", thats awesome!!!!!)
jbischoff
As exciting as this is, make sure you do your homework. As mentioned above, you need to factor in repair costs. I would suggest that you go and do a thorough inspection of the property. It's always best to know what you're getting into before you get into it, especially when you are planning to occupy the property. Make a detailed list of things that will need repair, and then find out how much each of those will cost. Be generous on your repair costs. It's better to be safe than sorry.
Motivated sellers are great to work with and are exactly the type of people we are looking for. From what you have said, she sounds like she wants to unload the property as soon as she can, which will be to your benefit. Be sure to use your keen negotiating skills.
Congratulations! Your first deal is so exciting and can sometimes be a little nerve racking, but again, as long as you have done your homework, you will be on your way to closing the deal.
It all sounds very exciting! I agree with Corey, do your due diligence to protect yourself!
Congratulations! Good Luck!
Karen
KEEP MOVING FORWARD
"If it is important to you, you will find a way. If not, you'll find an excuse."
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What's your exit strategy?