All Forum Posts by: Erick Caffarello

Ken M.: Thank you.  How can I pull the rope in this scenario?  Its going to be a cash cow when done.  

Guys,

Can I get some help creating a pitch to an investor to buy an off market property that has failed to sell multiple times?

It’s currently owned by an investor. It’s a 4 unit property, rents are VERY low. I just spent $52,000 rebuilding a foundation at one of my places. In addition to needing foundation rebuild, it needs a roof and the rest is cosmetic.

Current market rent is $1200 for the 3 beds, $1050 for the 2 beds and 900 for the 1 bed. This is a 4 unit property. He has it grossly under priced.

He had it listed multiple times for $150k and it never sold.

If he sells to me, there will be no real estate commissions, and I’ll offer to pay all closing costs. However, I can’t give him $150k.

How can I pitch this to him to make it worth it to sell it to me? I don’t know if it makes a difference, but it assessed for $163k. He’s an investor like the rest of us here. So how can I make the deal sound sweet? I’m thinking of $80-100k.

The foundation crack is about 2 inches - you can see the outside. I was ready to give him list until I saw the basement. The only way to the basement was through the 1st floor apartment. During the showing, the door to the basement was locked. I’m glad I was able to see it before I put an offer in.

There is no mortgage on it currently, so the owner is just collecting cash and apparently not doing any repairs. Doesn’t seem in a hurry to sell.

Any help is appreciated.

Erick

Hello,

I’m in need of a realtor actively working in Michigan City/ LaPorte, Indiana. 

A private lender is asking for ARV on a triplex I have to underwrite a rehab loan. I will compensate.

Thanks,

Erick 

The first property is a single family for $50k. Maybe $25k rehab. ARV approx $200k+

second property is a duplex for $39k, about $80k in rehab. ARV approx $180k

I’m searching for a lender that can do a purchase loan of about $40-50k and rehab about $100k. Any recommendations?

Erick

This is what I’m experiencing with my current agent…the seller’s agent isn’t much help either.

Out of state investor actively searching for more investment properties. Need an agent intimately familiar with the Michigan City/LaPorte Indiana area for flips and buy/hold.

Thanks!

Erick

I believe we are charged 12 cents / kWH. What’s your rate? What do your bills amount to usually?

Guys, anyone here have rentals with electric baseboard heat where it gets very cold, like in the Midwest? Do you get complaints of high electric bills? Higher than normal turnover?

Guys,

Any recommendations for general contractor and handyman? Properties are located in Michigan City and LaPorte, Indiana.

Thanks!