All Forum Posts by: Christopher Davis

@ALL You have given me great insight into this process. The house is falling in, coming away from the foundation, mold, and horrendous. Could not have hoped for more light on my question.

Kevin Kaczmarek - I could not see your point any better. In NC, RE agent aren't willing to help and pull comps because legally they cannot get paid for this. I am finding it hard to get these comps and not be a bother to them.

Marcus Geiser - Yes, she will have the cost of demo and have to pay. Do owners really give the property away for nothing? Do they not get offended when you state that you will take it for free? How do you approach that situation?

Jon Holdman - Had no clue about the tax value. Makes sense though. How would a wholesaler get an estimate on repairs? I came to that number buy another wholesalers formula. (In my origin post). I am working with the inspector right now. You have been a source of knowledge and advice. Thanks!

Rob Gillespie - "I would offer to work with the seller to get it off the demo list and pay the seller on the back end if you are successful. Just my 2 cents." You guys are so creative. I guess this will be the second question I have for you today. How would you do this?

@Rob In regard to step 2, what does this mean exactly? In regard to step four, having a lack of security has me doing this everywhere. Rob, I am finding most of my leads on the county website (Houses that are scheduled to demo). Other than that, I have had no fortune with Craigslist, Bird dogs get very expensive, and other avenues have proven unsuccessful. Is there another avenue you would recommend? Thanks for your time and willingness!

Great advice. Thank you for making it very clear and easy to understand. Bala referred to your blogs. How do I get to them? Thanks again! Gotta love Colorado Springs

Hello Monica, thank you for your response. I was just looking you up, suggested by Bala. Your solution makes complete sense. It would work the same way if it is a wholesale deal correct? Or does this get too sticky? I also understand a need for transitional funding if it were a wholesale deal. All in all, I am not focused on wholesaling as my stream of income. Just this transaction. I am building a private money lender list besides this. Thank you for your time. Appreciate your experience!

Thank you Bala. I appreciate it.

Currently, I am working with an owner that has a 4 unit property scheduled to be demolished. I am working with the county inspector as well. The owner is letting the property go into foreclosure and has not paid for a whole year, owing just over $6k. She owes $101k. The tax value is $151k. It is zoned R-4 (SF - 4 units per acre)

I understand that I must work with the lender in order to negotiate a short sale.

My question is: What are the step, from beginning to end, that I need to take to pursue this? I do not have any contract with the owner. What approval will the lender need to speak and negotiate with me? Also, what can I expect as a rational short sale price?

This is a first for me. Thanks for your time.

I am working with an extremely motivated owner. I do not have her under contract, but very close. The reason for this post is that the house is scheduled to be demolished. I am working with the county inspector as well. The inspector states that repairs are 65%+ of the Tax Value. Currently, the house is zoned B-1 (Neighborhood Business).

The house is a 2/1. 916 sq ft. Building assessed at 39k, land at 25k. Total of $64k. NO A/C.

I decided to use the formula - Tax Value ($64k) - Repair (@$20 sq ft= $18,320 ) divide by 2 then subtract my wholesale cut ($5k) = to equal $17,840 offering price. I want to add a little cushion, so I was considering a $13k purchase price.
Does this sound correct?

Also, since it is best zoned for neighborhood business what are some suggestions to get this property sold?

Am I missing anything here?

Thank you for your time!
Christopher Davis

Thanks guys for the quick replies! Here is what I am coming up with to offer 15k. Is that too high? Too low?

BTW I don't think I mentioned that I was planning on assigning contract. Thank again. I really do appreciate it!

Comps from the agent says
RealAVM™(1): $70,149
RealAVM™ Range: $56,821 - $83,477

1593.76 - 2 yr back taxes.

The county wants to knock it down because it is near uptown Charlotte, and an eye sore, the siding or planks have all been ripped down and the house was being lived in by squatters.

Deceased brother owned outright.

Land is residential. Best used for as well.
Last tax info gives land at 25k, building at $38900.

The comps are where I am struggling. having an RE agent send me comps shortly.