All Forum Posts by: Alberto Cordova

I just clicked on the link that i posted and it seems that it is only showing one picture. Here is the rest:

http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....
http://i1381.photobucket.com/albums/ah202/arrowpro....

Please excuse all the links.
Through photobucket it has different options for posting I tried all but none are working.

@Gabriel Mabry  Thank you for the advice. As for the money I was going to ask a relative for some of the cash but of course I dont want to put them nor myself in a tight situation. Thank you. 

@Arlan Potter  thank you for your advice.

@Jesse T.  they where asking 20k but lowered it to 17K but as said could be that they did run into a mess and now they want a way out.

@Stanley Okazaki  Thank you for you input. That was my initial thought since the sqft is 600 how long to I get the property sold. 

@Arlan Potter  Thank you for clarifying.

@Gabriel Mabry  I would think since they are contractors they would calculate all approx. expenses. If you see in the pics even some of the drywall is missing I would assume that would be a starter to check for possible problems around the rest of the home.

Sounds like I will have to pass on the deal. Don't want to get into other issues along the way.

These are just a few pictures:

http://i1381.photobucket.com/albums/ah202/arrowpro...

Okay? I tried to put a few pics but did not let me. Here is the link to look at the ones I loaded.

@James Wise  The property rents out at $400 a month. When I was talking to them they had mentioned they wanted to rent the 2 rooms for $400 each. Which got me a bit confused since the property itself would be about $400 a month. 

Thank you @Arlan Potter  and @Gabriel Mabry for your response.

@Arlan Potter When you say burned 10K do you mean like what they put in the property? and they now see things and they need to put another 10-15K?

@Gabriel Mabry The inside of the property is pretty bad. It will need a new floor, and walls The outside did not look to bad unless I am wrong. Ill be posing some pictures in a bit on the property.

Thank you much for your response

@Chuck B.  

If you don't mind me asking how would using the sellers as contractors worry you?

Q1: At the moment I am taking there word for it. They informed me that they would be giving me an estimate sheet on how much everything would cost once deal is ago.

Q2: As for there work I am not sure. I have not gotten far enough to look into properties they have done. The reason I know about the contractors/deal is because they came to the local REI Club Meeting.

Q3: I have not worked with them, just talked to them at the meeting and by phone about the property.

Q4: As for rental they had mentioned rent in the area would be going $400. There strategy was to rent the property $400 per room. I did check on rent-o-meter and $400 seems to be about right. I haven't yet made calls to see how much others are asking. 

Q5: That was my other concern in seeing what type of tenants I will be having. Since I am not sure it it would be a family. 

@James Wise 

That did cross my mind and also I as told that banks would not loan lower than 50K. So id it was flip the buyer would have to pay all cash. As you mentioned usually in that price range dont sell as fast. 

The ARV they informed me of and I did do some searching and it came at about that price.

They informed me that one of there family members was sick and they needed the money. So they had to put there plans aside, that's why they want to sell the property. At the meeting they where asking 20K but when I talked to him yesterday he said he would be willing to let it go to 17K.

Congratulation!, definite its always nice to see before and after pictures on a property. 

Hello BP,

I have a questions on a deal that I am looking into at the moment and I would like to get as much feedback as possible. 

The property is an ugly home located downtown the asking price was 20K but due to family issues with the seller they are letting it go for 17K. The repair is going to be about 6K and ARV is 36K. The contracting work will be done by the sellers since they are contractors. They stated they had originally gotten the property to turn it into a rental but as I mentioned due to the family issues they now need to sell it. I looked at the property at the moment it is a 1 bed 1 bath and they where going to make it 2/1.

Sgft: 600

Bed: 1 (after renovation will be 2)

Bath: 1

Year Built: 1950

Misc: I need minor feedback, I am not sure what it can be but on the side of the property on the bottom there is black stuff around the home. Could this mean possible flood zone?

My questions are would this be a great deal? The factors I am considering are how long will it be before I sell the property? It has no garage (cars have to be parked in the sidewalk). It is a small home so I am not sure weather a family would be interested also since it is semi a busy street. ( Am i thinking right? or am I just over thinking things?) One good thing is that is about 500 ft from a police station. If that even matters.

My strategy would be flip the property, wholesale, or rental. I was thinking to do seller finance but since I will be using the money from a private lender, I want to be able to pay him asap.

Thank you all in advance for any assistance.

@Curt Davis  Thank you very much for clarifying. 

Hello BP Community, 

For Private Money lending is there any specific paperwork involved? If so does it need to be taken to an attorney? The reason I ask is because if the other person does not pay the PM Lender the money back I assume there would be consequences? 

For PM what is the usual % rate that is lend out?

Thank you all in advance.