OfflineVacant two story home and a seller who MAY be ready to sell.
I have not approached her, because I know her house needs a lot of work and I do not know how to come up with a sensible total for repairs, which means I need a Contractor.
If I bring a Contractor over and he thinks it is a good buy, he could make an offer to the seller and undermine my interests if I do not have a right to buy the house. The Contractor will have more knowledge of Repair Costs than I will.
Without knowing how much to fix this house, I will not be able to make a sensible offer. I could be way out there.
How do I protect my interests in this type if situation?
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You can get the property under contract subject to a inspection and repair costs. You should try to have contractors you work with that understand you are an investor and you may (will) be bringing them a lot of business. You can than have your contractor come in at your inspection to quote the job. Now GO GET IT!
John and Julie Wakefield
JCW Properties, LLC
Talk to the owner, and explain the need to get repair estimate so you can make them a fair offer. Then make up an offer to buy, price to be determined based on repairs needed. Both of you sign it and put a two week deadline to come up with purchase price. That should protect you. Just don't reveal to must information to the contractor. Hope this helps.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I am going to measure off the rooms and look the property over with a microscope. I will take pictures of any areas that are especially bad.
Then I will make an offer with the stipulation that the Repairs come in around a certain dollar amount. If the Contractor's bid come in 5K over, I will try to negotiate a 5K reduction in the sales price.
This house needs all new windows. Probably a 25K job, just for the windows. All the windows are old and look lousy. If it looks this bad on the outside, I am assuming that the inside, looks terrible as well.
I am going to take pictures of this home today. I have tried to contact the owner by phone, but she never picks up the phone.
Not only do I have this one lead, but I know of two more where the owner's live out of the area. One has had a Notice of Default issued and the other lives out of state.