All Forum Posts by: Paul Amegatcher

It's done all the time you need to know the lending rules for your state.  Talk to a real estate lawyer in your state about what you can and can't do..   

How bad is the level?  You can install a thin subfloor over the hardwood prior to installation of the laminate.

How much is it worth? It seems another individual over paid if it is only worth $160K per the zestimate.  I do not know your market so I cannot speak on the values.  What was you goal for this property?

Rehabs can run over budget even with the right contractor and then you have to find the right buyer.  Your remodel flip could take anywhere from 90 to 120 days. Realistically you could whole sale this deal for $100K to a seasoned investor. Make a quick $10k and move on to another deal.

Banks lend on the contracted price.  You could find a private lender or hard money lender that will lender based on the appraised value.

Here is my sample letter that I send.  It seems to work well.  I use a handwriting font so it looks like its handwritten:

Dear John Doe,

My name is Paul Amegatcher and

I would like to buy your house at

123 ABC St,

Dayton, OH, 45410

Please call me at 937-xxx-xxxx

If you are interested in selling.

Thanks for your time,

I hope to hear from you soon.

Paul Amegatcher

(937)xxx-xxxx

Also I use beenverified to find alternative address if the county lists the vacant property as the property where the owner lives.

http://www.mclandbank.com/

http://www.cityofdayton.org/departments/pcd/Pages/LotLinksProgram.aspx

The links above are a good place to start.  

First you need to setup some rental criteria as stated by everyone above.  Below are some of the common criteria to use:

1.  Gross family income is 3X the rent.

2.  No evictions in the past 5 years.

3.  Stable job history.

4. Credit check or min credit score.

5. Get as much of a deposit as your state allows.

Hope this helps.

look under the tools tab for files.  There is a lease agreement in there.

You can wholesale off market deals to him to build a relationship.