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Updated over 8 years ago,

User Stats

139
Posts
43
Votes
Ryan K.
  • Investor
  • Richmond, VA
43
Votes |
139
Posts

Need advice - friend might sell home to large investment company

Ryan K.
  • Investor
  • Richmond, VA
Posted

Looking for any advice - I have a "friend" who has decided he want out of his house for two main reasons, one is financial (but up to date on all payments,taxes, etc.) and the other is to move overseas. He's not familiar with real estate mainly due to the fact he's originally from Europe and this is the only property he's ever owned here in the U.S.

My main concern is getting him the most money for the property. I'm all about REI and making money, but this is a friend and I want the best for him financially. I'm worried he hasnt pursued his options and will basically take a low ball offer from a large fix and flip company that sound great to him but in all honestly he could likely do much better.

I'm not in the position to take it over completely myself due to other commitments and the distance, but I want to help in any way. I'm hoping another friend can at least stall him on the decision to sign the contract, then we can convince him to find another route. 

The main problem from what I'm hearing is deferred maintenance, I havent seen the house so please keep that in mind. It was built in 1995, vinyl sided. I assume its due for a new roof and hvac. 

I'm thinking there are several options:

1. Put some money (my other friend and I can loan the owner some cash if needed) into the house, mainly the big items, and sell on market, MLS, with a realtor.

2. No repairs. Shop it around to more investors to get higher price.

3. No repairs. Put on MLS with a realtor and either fix anything found in an inspection, or list with "seller will not do repairs".

Any advice is appreciated here.