All Forum Posts by: Anne Laurenzi

I received a call from a seller that has an apartment she wants to sell. Her current mortgage payoff is about 15k but she has a HELOC that she got back in 2008 and the payoff amount of about 42k (I think she used some of the HELOC for repairs and some of it to buy a mobile home somewhere else that she currently lives in). Currently her apartment needs about 5-7k in work and is probably only worth about 45k after that work.

I know this is a total walk away situation, but I want to try and help her out the best I can. She just wants to be out and done with it, even if she doesn't make any money. She even offered to continue to pay the mortgage amount (I told her that that wasn't really an option because I would have zero repercussions if she stopped paying). I asked if she could get a loan from family or friends to pay down the HELOC enough to sell but no dice. Any thoughts on creatively trying to make this work somehow?

Question for my fellow marketers/wholesalers. When sending out your second through final letters/postcards in your DM campaign, do you send the same mail piece or change it every time? I would think you would want to send the same piece to be consistent, but I can also see the value of sending a different piece so as to not be spammy and annoying.

I'm going to meet a seller that has a property that hasn't been updated for a long time but is still livable. It does need a new roof and AC unit and he knows that. My question is, if the property is old and outdated, but still livable as a rental (even if you wouldn't get max rents), what kind of offer can I make?

I've done all my calculations (70% rule, 1-2% rule), but how do I justify to the seller that I'd have to put 40k into renovations to bring it up to market ARV if it doesn't have to be renovated to be rented?

It's a 3/2, 1600sq/ft, nice rental area. Rents are around $1200-$1300 in the area. Estimated ARV for a flip is 170K, estimated repairs (including rehab) are 35-40k. But if it only needs 15k for the roof and AC and then it's livable (and the owner knows that), which would make the ARV much less, how do I convince the seller to knock off 30% (or 15% for a buy and hold) to make a profit? Does that make sense? (It does in my head).

It's negative cash flow. Why would you want this?

Come to the local real estate club meeting. This month it's on Tuesday the 8th at the Pensacola Bay Center, 7 pm. Great group of people to network with and learn from. And the first one is free. @William Allen will back me up. 😉

@Matthew Paul “I practice every day.” Haha. Love it. 

@Shazia Chiu, next to George Jetson's posts, in the upper right, there's 3 dots. Click on that and there's both an "Ignore User" and a "Report Abuse" option. I suggest using both. :)

@Account Closed wow, what did you do to piss this guy off? He really doesn't like you and has been spamming a bunch of posts with this message. 

My sister is wanting to remodel her kitchen in her house in Sacramento and I'm looking for a good contractor. PM me if you have someone that you trust and recommend. Thanks in advance.

Mike

Well, my post is now irrelevant.  I asked and the owner just wants to be rid of it so no seller financing. I think it's an emotional thing and she just wants to not be reminded of it. 

Now I need to find a good option to fund the down payment.  I'd rather not diminish my savings if I don't have to.