All Forum Posts by: Karen Margrave

I'd drastically discount it and sell it. Building anything on it will require investing much more than your holding costs, and there's probably no market at all in the area right now, so you're probably throwing good money after bad. If you can't sell it discounted, I'd just hold it and pay the costs of holding.

Another thing I've found in So Cal condos, sometimes it looks as though the price is ridiculously low, but beware of the monthly HOA, as they can prove prohibitive in the lower end markets, adding up close to the mortgage payment.

I don't know laws in NC, but in California you have to have verifiable experience, and pass a State test to get a contractors license. Even if you can manage to secure a license, an investor will see it was recently issued, and know you don't have experience. In your situation I'm sure they're going to want to know you are capable of running the job (you can use licensed subs) and that the amount you are asking for covers the costs of repairs, and a cushion for holding. You'll probably need collateral of some type to secure the loan other than the property.

call Speaker John Boehner #202-225-6205, and let your voice be heard!

NOTE: I said in days gone by.. and was explaining a different situation, not with banks. As for the double closings, I was looking at it from being a licensed agent, in which case you have to disclose what you are doing, profits being made etc. Sorry for the mix up.

I'm sure what the realtor was trying to get at and failed, is that the bank doesn't want the owner of the property jamming them for a short sale, then partnering up with a friend to sell to someone and make the profit themselves. The bank wants to make sure it's a legitimate sale. Once you buy the property, and title is transferred, it's your business what you do.

The illegal part the agent must have referred to is a different case, whereby (in days gone by) an agent finds a property at a ridiculously low price, finds a buyer and double escrows the property for a profit, because unbeknownst to the seller, their property is worth much more than they had it listed for.

Escrow is used in various regions of the country differently. In California we use it all the time for purchase/sales transactions, never for rental/lease (personally speaking). It seems to me paying a property manager WITH A TRUST ACCOUNT to act as middleman for the transaction would work; and be less costly. That would give your tenants some assurance in transferring funds etc. which seems to be the goal. You might offer to split costs with them.

I would assume when it's being shown, it will be by you personally, or an agent. I have done this type of decorating before on some models in a subdivision, and people appreciated the fact that rather than spending money on staging, we kept prices their lowest etc. I've never had anything stolen from inside a house. Go to some model homes that are decorated, and being marketed to the buyers you'll be going for, find a few ideas that will add a little character, and use them. If you're doing an open house, make sure lights are on, if there are ceiling fans, turn them on to add a little movement, and life. Hope this helps.

Make the front door look inviting, put a small table with brochures telling about the property, maybe a mirror or some type of picture on the wall in living area, decorative towels in the bathrooms, maybe some type of candle on countertop, and in kitchen some type of countertop decor.. keep it clean and simple. That will dress it up to give it some life, but not cost you a fortune.