All Forum Posts by: Betty Hahn

Today 1/12/21 I got a property that was presented to me located in Paradise Drive in Anderson.

After reading all your posts  years ago how is the city today?  Would you still recommend to stay away from investing in this part of the state?

Thank you Barry for your reply. Appreciate it.  

Hello Anthony,

Thank you for your response.

Q:1 Yes, there are no repairs and market ready

Q:2  The owner would lose $136,030.  Owner paid $345,000

Q:3  The owner was getting weary of land lording especially after his last tenant who broke his lease.  

Best regards,

Betty

Hello all, 

A homeowner who currently lives in Florida reached out to me looking to sell his 1 bedroom, 1 bath, 615 sq ft apt unit which is located in Honolulu, Hawaii.  Unit is posted as a rental on Zillow.  Please see below details.

Purchased unit: 2014

Assessed value: $343,300

Price: $340,000 plus $5,000 sandwich lease

Mortgage owed: Around $265,000 or $270,000

Monthly mortgage payment: $1650.00 (current)

Monthly rent: $1850.00

Previous tenant: moved out mid October

Renovation: 2016/2017 - full kitchen, cabinet, granite counter top, Samsung dishwasher, over, fridge.

Some bathroom, new sink, blue pearl counter top, sliding door bath tub which was leaking 2 years ago but has been replaced. Installed a barn door near closet area, repainted. NO major problems.

I asked him what his asking price was and he said he didn't really have a number and I asked him what do you think your property is worth or want for it and he said maybe $350,000 or $355,000. I did tell him that I was looking for a price lower, did not give a number.

*I've had an investor tell me that my MAO should be $208,970 which the seller would take a $136,030 loss.

If anyone has a creative strategy please let me know. Thank you.

Hello all:

A homeowner reached out to me and I wanted to find out if there is a way to help him. 

His story:

1. Mortgage hasn't been paid for 2 years and owes about $50k - $60k.

2. Working with a company to get a loan modification and is still waiting (2 years).  He's not sure why it's taking so long.  I believe he said per court secretary that it was a court order to modify the loan.

3. Paid $4000.00 to file for bankruptcy (He had a business and got ill, went down hill since.

4. Home already in auction 2 weeks ago.

Your advice is greatly appreciated.

Thank you!

Thank you all for your helpful information!  Appreciate your time and advice.  

Hi, please advise. I have sent letters to homeowners and follow up with a phone call. They are not distressed or motivated. I always get the question what are you offering since I’m the one that’s contacting them. I have told them it depends, what have you done with the property, etc. They want to me to give them a number and if I don’t they most likely want to hang up. What’s the best way to answer this question?

Thank you!

Hi Greg,

Good to hear from you!  No, you were right Lorne was another wholesaler. 

Yes, I tried the white pages and found their obituaries.  Their mailing address are the same as the boarded up homes.  I was thinking of calling the board up companies, would they provide information? Maybe not?  I found a lot of vacant properties.  Is there another way to search for owners and or next of kin?  

Best,

Betty

I found a few boarded up homes in Hawaii and ran a check on their addresses on our Oahu county TMK site, software called  Repropfinder, types names on Google and both owners have passed back in 2016.  Their names are on the deed as Trust.  Does anyone know how I can find the current owners or what I can do to get more information?  Thank you in advance.  

Thank you all for your reply. Appreciate very much.