All Forum Posts by: Greg P.

Hello,

Here is a picture of the front :

The Neighborhood:

Thank you

Hi there, I will post pics soon. I'm working with a experience Bpo agent and Reo agent who says if I were to relist it as is, it would sell at $60k quickly. I do trust this realtor, but since this is a odd house, I'm still worried. I'm not planning on holding it although if a investor did buy it, he could probably put in $40k to rehab then sell on a contract for deed at $135-150k. I will be posting pics soon. Thank you guys.

Hi John, yes there is a lot less of a market for a buyer with this type of house around here. I would say the all in price including rehab would be $90k and I would be able to rent out for $1,100 which would be something that I would consider. The owners already think I'm buying it cash so I don't think I can get a appraisal because he won't be able to get in. I did have a bpo agent friend go there already and he said it would going to be a gamble to rehab and sell but to put it back on the MLS he thought it would sell at $60k due to the land prices there. Thanks for the advice John! I will let you know what happens.

That's another thing, this isn't listed on the MLS. I saw a for sale sign on the lawn and called him. Then I was able to get him down from $65k to $45k. This is a area where most people don't put for sale by owner signs down and mostly list it on the MLS. That's another reason it's more tempting.

I'm looking to buy and put it back on the MLS to wholesale

Hi John,

The land is not able to be split. The repairs are around $45k to put on a new flat roof. My guess the land would be around $40-60k. Any other thoughts would be grateful.

Thank you

I would probably pass due to the high purchase price and not fitting my formula. I'm working on doing quality over quantity deals.

Hello, I'm looking to purchase a earth home that is in bad shape. Basically, the owner wants out and his bottom price is $45k. The lot itself is 1 acre and the houses around the area are selling for $140-250k with smaller lots. The problem is this is a very unique house and needs a full gut, mold remediation and new roof etc. A carpenter bought this lot and built this house himself. In this area, you just can't find a house for $100k, let alone $45k. I've been going back and forth in my mind because it's a great deal, but such a unique house and needs new everything. Lots in the area are going for 50-100k, but there isn't much. Any thoughts would be appreciated. Thank you.

Legal. If for some reason I get sued then will there be complications from this of any sort?

Thanks.

Hello, I'm using a crew who is using the license of a contractor to pull permits for the job. They have insurance, but I am wondering if there is something wrong with this model if the contractor allows them? This crew is a separate entity from the contractor and they are on our contracts. Thanks.