All Forum Posts by: DeAndrea D.

@Joe S.

I thought I was. I even explained what an assignment was. They responded like I said Jesus was a homosexual. It’s like they know what it is but don’t want to touch it.

I have a property under contract in Smith County Texas and would like to assign it. None of the title companies I’ve called so far do assignments. I even had one that said they can do assignments statewide, but aren’t licensed in Smith County. Does anyone know a title company in Smith County that can do assignments?

@Evan Polaski Thanks! I planned on making some phone calls to get rehab quote ranges and find any numbers I’m missing to get the terminal value this weekend. You’ve helped the many numbers I already have make a little more sense.

@Erik Whiting LOVE this! You’re absolutely right. It’s costing them about $11k in taxes each year. I need to check to see if the taxes are current, but either way it’s just costing them money.

@Amit Ronghe thanks. This helps a lot. There are 3 similar properties that we’ve gathered rental information about and will work on cap rate info. The owner lives out of state so it’s possible that has something to do with it. We were going to try to gather more info about the area before reaching out but now we will probably give the owner a call to learn more about the property. And willingness to sell.

My husband and I happened upon a 16 unit multifamily property close to a college campus. It’s a 10 unit building with 3 duplexes on the same lot. All of the windows and doors are boarded up, but it had tenants as recently as 2013 possibly 2014. It doesn’t have HVAC, would need a new roof and probably, paint, kitchen, bathroom and flooring updates/remodeling. We haven’t been inside yet nor have we contacted the owner. Therefore, the only improvements we know will be needed for sure are what we can see on the outside.

Should the owner be open to selling, we would like to make an offer on the property (after we get more solid information about the state of the property and do due diligence to determine exactly how much would need to be put into it to make it live able). I know multifamily property is valued based on NOI/cap rate, but seeing how this is bringing in $0 the value would be $0. What other way can I determine what to offer? Would it just be based on the value of the land and the buildings on it?

@Steve K. Very true.

@Nicky Reader Ah. I'm 99.9% sure this is a FSBO. They sign was one you can get at Home Depot or Lowe's. I'm a little curious to know what amount they're looking for, but I'd rather not bother them with my curiosity.

@Steve K. I can understand that frustration. Someone bought a property in a certain neighborhood for the characteristics of both and now that’s changing. They got emotionally attached to the neighborhood and way of life. They’ll try to do whatever they can to keep the neighborhood form changing. It’s a little sad and I feel for people in that situation.

@Jay Hinrichs

I get that. People fall in love with their homes. This part of town is gentrifying too. New homes there are going for 800k to 1.5million so it’s a big difference. Property values for down of the older and distressed homes there are 200k. 150k could get a much nicer home on a bigger lot, but farther out in the suburbs in this city.