All Forum Posts by: Allison Ezzi

Hi BP!

I have noticed this property that has been vacant for at least two years now. There are notices in the window stating that it is vacant/abandoned. It also has a city notice on it in regards to the out of control grass. Another notice says "Mortgage Contracting Services" with address and phone number, but also states the MCS does not have sale/rental info.

I pulled some information on it the property to find that Chase Home Finance owns it and it was foreclosed back 2010 ( from what I can tell). On the county website it states:

2 - INVALID SALE-3-Foreclosure Related/ShortSale (in the sale description section) in Nov. 2010

Does anyone know what could be going on here? Its been empty for years and needs work.... how can I reach the person responsible for this property and ultimately buy it. Deal with the bank? or find the previous owner? or wasting time?

Any advice please! thanks

I agree with @Jon Deavers ...Richmond is a great DIVERSE city to invest in! The many different neighborhoods and surrounding counties add to the city's opportunities. VCU-MCV (Medical Campus of Virginia) and overall health industry is booming and bringing all sorts of new jobs and grad-students. The largest age population is 20- 35yr, making for great rental and first-time home buyer markets. Lots of history combined with new culture create a niche in rehabbing, big federal and state agencies here, large corporate headquarter presence, active entrepreneurs ....and my favorite (as far as living), mild weather with all four seasons:) 

@Trevor Ewen "jump" into Richmond

@Account Closed This post gives me hope:) I know that may sound strange as you are mentioning the stress of it all! I feel that I am ALWAYS on the "cusp" of things happening.... as you say "hang in there and keep working at things." Ride that roller coaster! THX

OR

ARV*.7-repairs= max offer

450*.7 (67.5kprofit & 67.5kfixedcost) =315- 100k (repairs)= 215k max offer

Thanks @Jon Holdman...I truly appreciate your feedback!

They are asking just above 200k. I was referring to fixed costs as (purchase, holding, and selling costs) Im too low! Been reading JScotts books over and over and over! ok- re-evaluate that then... purchase-7k hold-5k sell-36= approx to 55k(costs and fees) . (450k (salesprice)-100k(repairs)- 55k(fixed cost)-67(profit)= 233 (max purchase)

We are weighing/discussing a 50/50 split on profits with the private "lender" vs. loan type scenario... any advice there?  It is a family friend looking to make money on his money:)

Thanks again!

@Jon Holdman undefined

Hi BP!!

Looking for some help checking over my numbers for this deal or no deal. This is large higher-end home in foreclosure.

Price/offer: 200k

SQFt: 4,500

p.psqft: $44.5!

8 yrs young!

Repairs- 100k (with buffer) Has an easement issue, spoke with attorney there are a couple ways to go about to re-mediate. Including attorney fees and being a friendly neighbor, and paving 6ft portion on driveway ( best way sum-up). Because of this will need cash buyer, non fanciable. House is 90% complete needing finishing work (clean paint, trim, fixtures, grout,appliances) a layer poly on woodfloors, driveway work, spruce the yard/front steps. 50k for cosmetic- 50k for larger items.

ARV:450k (conservatively)

Tax Value- 475k ( area reflects homes selling over tax value)

All-in$: $330k (200+100+30(fixed costs)) Profit: 120K range...RIGHT!?!

The entire small neighborhood reflects with similar luxury homes.

Using private money....and want to double check with the BP community, as the private "lender" is new to RE investing. TIME IS OF THE ESSENCE, it may help to show him more seasoned RE investors advice on this deal. I am newer to rehabbing, have a solid business relationship with private lender. he knows my character, work habits, ethics, transparency and trustworthiness. We have a great team (realtor- successful rehabber) partner & consultant have 30+ years of building experience, additional contractors in place and professionals for larger items.

I see the DEAL and want to make it HAPPEN, am I missing something??

Please share your thoughts!!

@Account Closed -I will send you a PM and colleague request to connect and see if we can help each other out! thanks:)

Thanks @Account Closed ! I appreciate your feedback, very helpful. The house is north of the city, which tend to have slightly higher home values then say south...although Asheville does have its "pockets." Its a nice neighborhood, not super high-end, like Biltmore area though. There are a couple houses for sale right in the same area, we are going to get in them to see what level of finishes they have. I will defiantly take the wood siding into account, thank you, great advice! 

As far as rehab- The house was built in the 1970s . Its outdated..yellow shag carpet, old colorful appliances, some wood paneling. Although it defiantly needs work, its not seriously distressed in the sense of rotten floor boards, walls falling, missing windows, etc. An elderly woman has been living in it forever.

The HML is really not ideally, Im still looking for other options, although time is always of the essence, and we dont have all- cash in hand. Any other advice on "funding" the project?

Thanks again for your feedback!

Hi all!

I looking for some advice and help double checking my numbers for a fix and flip in the Asheville, NC area. Want to have a solid MAO, then start offer below to begin negoiations. Also- any ideas on structuring the offer to look more favorable without straight all-cash offer?

ARV- 180k conservatively @ $153 p.SQFT (based off realtor, and ran average price p.sqft for last 90days within1 mile, like house type bed/bath, +/- 20% Sqft) Closer to 158p.sqft

SqFT- 1200

Fixed costs - 35k (super high as needing to use HML, can be adjusted some based off cash for down payment to offset amount through HML)

Rehab $- 30k (will be getting back in property tomorrow to double check for major issue, to the best possible ability) needs near full rehab. (roof- composition shingle on ranch, a/c heatpump needs to be installed with current duct work from furance, 1.5 jack and jill bath, kitchen, 2 bedrooms , its defiantly outdated! carpet, paint, fixtures, lighting, spruce up yard, wood siding= powerwash?) 

Profit 20k (wanting at least 20k, if ARV is higher, then more profit, but running lower ARV)

180-35-30-20=95k or 180*.7-30=96k MAO(?)

Asking 125k.. although they have reduced price already. How can I make my offer more attractive, yes HML can close quick(er) but still viewed as "financing" vs. "cash" correct? We can do 30k down, then HML on 70k vs. 65% ARV (117k) then 30k our cash for rehab. This ties up our cash and is intimidating for first fix/flip! I guess the plus of working with HML is they double check ARV...

The HML is not ideal, but if it makes the deal go through at the right offer, then I will take the risk!

Do I have too much buffer in my numbers, not enough? Please share your thoughts. ANY and ALL advice is appreciated! 

THANK VERY MUCH in advance... I don't know what I would do without the BP community!

Thanks for the responses. I'm working on the letter and making contact. 

The owner's name is rather "unique" and I'm not even certain if it is a Mr. or Mrs! I don't want to offend them at first glance. Just putting Dear first & last name should work fine?

p.s- @Curt Davis I checked out your site and ebook, already read it! Helpful info for FSBO, (people already looking to sell).... any tips on this letter "out of the blue"?