All Forum Posts by: Bryn Davis

Thanks for the response Tyron, I actually had moved on due to it being taken off the market after receiving an above list offer.  However, I was just notified it came back on today.  It is the only one of its kind in the area (however about 3 minutes away there are a bunch of townhouses and apartments, just not next door) but what makes it really enticing is it is a 2 minute drive to the main gate of a military base, it's the ideal rental, most of the other occupants in the buildings are military. 

The HOA is also a huge mess, it's not in good standing with the state, the president is most likely pocketing the money, he basically has no idea how to run an HOA.

So having said all that and the fact that it's back on the market, I am extremely intrigued by this property... 

Anyone else have any input?

Hey guys, need some input on an interesting property.  Here's the nitty gritty:

3/2.5 Townhouse

$70k List

$60k Market Value

Approx $18k Reno

$125K ARV

(Side note, sold in 2009 for $142K, sold at foreclosure auctions 4 months ago for $135k, I've been told it appraised, as is, for $111k. Some may ask why only $125k ARV, I'm pretty knew at this so I'm simply going off of what my realtor is telling me based on his knowledge of the market.)

Plan would be to refi cash out and rent, clearing $240 monthly cash flow and approx $18k cash in hand.

Here's the problem, the builder went bankrupt 3 years ago after building only 2 of the 16 slotted buildings.  The grounds are falling into disarray, trash is building up around the property and it's getting worse every minute.  Best case scenario in my head is somebody buys the community, builds it up and we all live happily ever after on appreciation.  Worse case scenario, nobody buys it, the two buildings go to complete crap and I can't rent or sell it.  

Anyone have any experience with bankrupt builders and how these things usually go?  Any input/insight is greatly appreciated.

Thanks!

Hello all, Not having a mentor and needing advice I have decided to stop lurking and post for the first time. I have a coworker who went through a bankruptcy 4 years ago and he told me that his house was included in it and just now is being foreclosed on but they are telling him they are willing to negotiate. He wants nothing to do with the house and hasn't lived in it for a year. I am thinking there is an opportunity for him to negotiate again and then do a subject to with me as he just wants out. He owes more than the house is worth because of multiple refinances but his payment is really low because of his rate. I would most likely rent it out but am open to any ideas so I would love to hear what creative ideas you all have! Thanks in advance!