All Forum Posts by: Ricardo White

So the property is $20,000.00

totally in need of a major rehab of everything i was told by contractor i would have to get new permits/codes from an inspector and plans from architect (how do i do this? how much does this usually cost?)

It needs 70-80k worth of repairs

I don't know know what the market value (ARV) is

the address is 1312 South Roxboro Street Durham, NC 27707 can anyone help me find out what the ARV is so that I can determine if the property is worth rehabbing and selling or what my exit strategy would be.

This is my first "flip"

Thanks,

Ricardo

Can anyone send me a copy/sample of their buyers list template. I just want to see the best way to organize the information in a spread sheet.

Thanks

So i received an e-mail from a lady via Craigslist wanting to sell her house.

She gave me these details only thus far:

3bedrooms/2full baths I owe 110,000 on property..........3mths behind.

After running some comps on the area i would say the market price on this home is in the 110-115 range so she has really no equity.

I have been told i would need to negotiate a short sale with her lender (whom I've never heard of) and do a double close because I can't make money from an assignment fee.

What I need to know:

What do i say to seller next?

I've been told 70k is around where i need to offer for this property to make profit and leave room for investor to make money. Is this accurate and why?

What is the overall process and time frame if offer is accepted by seller.

I basically need to know everything and what kind of contracts do I even use for this.

This house fits the profile of one of my cash buyers bedroom/bath and safe neighborhood. When can i even market the property to her?

I know nothing

Completely Lost (Again),

Ricardo

Thanks Jon,

So, the procedure is simply to get an authorization with the lender and negotiate a price that they will accept for payoff. Or do I negotiate a price that seller will accept get it under contract and then get a letter of authorization to talk to bank? What forms would I use and I am assuming I would do a double close for this deal. Anybody know any transactional funding for Durham, NC if this is the case

Thank You Guys So much

Sam,

Thank you for responding not sure what my (exit strategies) options are here. Brand new to this whole thing! I was thinking of just assigning the contract to an end investor i am curious to know what questions to ask the seller next to determine if this is a feasible wholesell deal or not?

So i ran a We Buy Houses Craigslist ad and had a "motivated seller" ask me if I could buy her home. I told her to e-mail me some details on the property she sends back:

3bedrooms/2full baths I owe 110,000 on property..........3mths behind.

The tax vale on the house is 105,520

i got 3 Comps all in good shape
$110,000.00
$110,000.00
$112,000.00

What should i reply back to the seller what are the next questions to ask? Is this even a "deal" do I have any options here.

Thanks,

Ricardo (New Guy)

So guys I've found a house in a quiet neighborhood that is in need of some serious rehab from the looks of the outside of the property. I went to the front door and found "A notice of abandonment" not quite sure what this means def looks as though no one lived here for awhile. I went to my county's tax site and found that no taxes had been paid on the property and the owner of the property had the same mailing address. I cannot find the owner. This property seems like it would be a good fit for an end investor and I would like to assign it... what should I do?

I have no clue on how to run comps and or calculate ARV or rehab cost. I do have an example of a deal i was working on that I think I may let go because of to much red tape associated with the deal. I'm not asking anybody to do the work for me I think if I figure this out though I'll be well on my way.

1312 South Roxboro Street Durham, NC 27705
Tax Value $62,856
5/2 1,936 feet full basement
8,000+ sq ft lot
has code violations due to the fact it was built in 1925 and is "basically" condemed needs complete rehab but I'm not sure if there are foundation issues/major plumbing issues. The house is located on a main street however surrounding streets aren't so great. I've used sites such as Realquest Express and Zillow but the estimates were so different on value that I really have no clue.

The seller is asking for $45k which in my opinion is too high but she was quickclaimed the deed by her son who owes 20k to my mother (lienholder) HE NEVER PAID A MORTGAGE PAYMENT not sure the details of the originial contract as my mother is ill and can not find it.

In the future I'd like to be able to acurately figure out the ARV and rehab cost on property so I will know how much to offer to potential seller. I am only 24 and my knowledge is not extensive just what I've learned through internet articles and youtube videos. PLEASE HELP not trying to be greedy just trying to help family out, do something I've finally found that intrests me, and pay off student loans!

Thank you so much I think there is just too much red tape around this deal! Getting my bandit signs this weekend and beginning marketing to build my buyers list through free online ad's and newspaper. Stepping out on a limb... nice avatar by the way!

Charles,

Thank you for the advice I am looking forward to it. After recently graduating college with a marketing degree and working in Corporate America as well as with a non-profit I have found something that I am truly passionate about that allows me to put my degree to work. I am very green but with the help of this site I feel as though I could grow in this business very quickly. I am only 24! Thanks and I hope all is well!