All Forum Posts by: Cassandra Sifford

@Katlyn McMasters  Welcome to BP!!!  I don't have anything right now, but will keep you in mind :)  What are you looking for area wise, budget, city or suburbs, SF or MF?  Well wishes!!!

Hi Ruben!  I don't have any experience in buying properties from the sheriff sale, but have been to them.  I feel like some of the properties that don't get purchased during the sale, aren't worth the taxes that are owed as most are in really bad shape or in rough neighborhoods.  The properties that are owned by the city, aren't sold until a RFP (requests for proposal) is available. They later get transferred to the land bank where they clear the title for purchase through them.  Properties with the land bank are typically sold around $2k.  My partner and I recently went into a unit and was pleasantly surprised that it wasn't in super bad shape (the outside looked BAD).  That unit has been vacant for about 7 years and all of a sudden when we wanted to submit the application for it, surprisingly there were two other applications submitted the previous week smh  We didn't make the cut off for the application submission so we had to move on. I'm looking forward to the sheriff sale as they've held off since Covid.

HAPPY FRIDAY EVERYONE!!!  Just checking in @Leon B Buie How'd your refi go?  Any new investment properties added to anyone's portfolio?  

I was so close to getting this seller financed SF deal, but he decided to keep it.  It's still a win win as he wants to partner up on flipping it and splitting the profits.  I'm acting as his boots on the ground and project manager as he lives in Harrington.  He loves the city and wants to invest more in the area.  Hopefully this can be the start of something really good!

@KB Collins  The owner and I are still trying to get to the closing table.  We're now possibly venturing into a partnership to buy a land bank property next door to his rental!  I would be acting as boots on the ground and the project manager and he'll finance the deal.  He's about an hour and a half away from the properties, but still wants to invest in the city.  Hopefully we can come to terms soon as the weather is changing.  I've always heard finding good tenants in the colder months is a challenge.

@David Zickafoose  My mentor was telling me to go ahead and buy it, but to then knock it down and rebuild or leave it as a vacant lot.  I don't want to do either option really.  It's an ok area, but I feel the cost to rebuild wouldn't leave me much profit.  The cost to knock it down would be about $12k =/-  I might as well take that money and invest it in a property that needs reno, but not that much ... 

I didn't know that they have land bank sales. They recently came out with their policy that allows buy and hold investors (non owner occupant) to buy their properties. Previously it had to be owner occupant or fix and flip. The main issue with these properties is that they do tend to be in war zones. The majority of them are in the path of progress for Wilmington so it could be worth the investment in the long run. The properties are in bad shape. On their old site they used to have the SOW and listed out what needed to be done with a cost so you can see for yourself. The renovation cost was usually pretty close to the ARV so it didn't always seem worth it.

I'm looking at a SF property that is located next to the land bank property.  The area isn't that bad.  Owner wants to do a creative finance deal, but that vacant land bank is in bad shape.  Even though his deal is pretty good, the vacant next door has me second guessing if it's worth it.  I won't get full value at refi and I'm afraid that my insurance will be hard to get or premiums would be increased because of it.

Hello BP! I haven't had the best luck in getting great contractors. I'm sure most of you would say the same. In a real estate group I'm apart of, someone posted a few questions that they ask contractors that they meet. I'm wondering what are some of the "interview" questions that you ask to see if a contractor qualifies to work with you?

@David Wandel Thank you so much for responding! All the experiences that you've had are the main reasons that I do not want to buy the property. The owner said he'd consider buying the vacant one, but I think once he takes a closer look, he'll lose interest. I feel like I should just try to wholesale it as I asked the same type of question in my local REI group and some people reached out with interest regarding it. I have one property, but am still new in the investor world. It's next to a vacant one, but it doesn't look bad from the outside. It's bad on the inside and it does have me concerned from time to time due to it's condition. I need not have two properties giving me worries due to vacants next door.

I truly appreciate you sharing and helping me get closer to a decision.

Stay safe and take care ... Cassandra

I'm looking to seller finance this SF locally to BRRRR. Numbers are pretty good...

- Purchase price: $32k

- Down payment: $10k

- Renovation: $30k?

- ARV: $140K

- Rent Potential: $1250-$1300

The issue is the property next door is vacant and in bad shape. Its apart of a city program that allows OO or investors to buy them for $2k. The reno cost is usually so high that they aren't worth buying. My concern is the hit on the refi, continued deterioration of the vacant possibly damaging my property and finding a great teant who won't mind living next to the neighborhood eye sore, just to make a few.

Does anyone have any experience with vacants next to your rentals or insight on the appraisal and what it could look like for my refi? Im on the fence and am not sure what to do...

@Joane Guiadem ... Check your inbox