All Forum Posts by: Nii Okai

I will send three or four more letters. She will eventually react. In case she doesn't after 5-6 attempts, and if you can get his/her number, then you may want to talk with her. Even at that time, she may still not want to sell for personal reasons. You never can tell: especially when the property is free and clear.

You do not have to put all your eggs  in one basket, continue your marketing looking for other out of state owners - some will, some won't. so what (SW, SW, SW)... next.

Wishing you all the best of luck

@Mike,

In my opinion, @David Begley's suggestion is the way to go - Offer a wrap around mortgage  with a $20k down payment or something on those lines and you are winner - You may also get someone (Tenant/Buyer) to do a Rent with Option to purchase - Sell for 200k, Collect 15k - 20k Non Refundable Option Consideration, Rent for $1400, offer $200+/-  Rent-Credit for timely payments and you win here too.

@Vanna,

As a matter of fact, there is another one - Capital City REIA - they meet in Alexandria in VA and Laurel in MD. You wanna contact them at [REMOVED] and you may also want to contact Traction REIA at [email protected]

Wishing you good luck

@Michael,

@Damon has really given you a roadmap. Follow it and you will be glad you did.

Wishing you good luck

@Andy

Well, you know well what your plans are. And you know what goals you intend to achieve. Based on those factors, go and interview 3 or 4 brokers to determine who will help you to get to your destination faster. Anything we tell you on this forum may not be 100% correct, because we may not have all the facts in hand. So therefore Andy, take the bull by the horns and go on a truth finding mission.

More grease to your elbows and good luck

 Hurry up, time is money.... Show them the door and NOW. Wishing you good luck.

@Pavel

Is there anyway you can increase the income and bring down the expenses? Is there any income from the garage stalls? If not could they be rented out to generate additional income? What about vending machines etc.? From the look of things, the expenses are 66.4% of the income, on the other hand the purchase price seems to be out of sync - the maintenance costs are high indicating that there must be some thing going on  - Too much for a 20 year old house. Find out why. In my opinion, at this price, this is an aligator - but which, at the right price may become a great deal. 

In doing so, remember though that many a time, some great deals come disguised as ugly deals - the key then is to find the problem, resolve the problem and bingo!!!

@Bimal

Wishing you all the best. Before long, you will become a real pro.... just take it one day at a time.

Good Luck

Nii

@Bimal

Congratulations, Bimal for your achievement. You are on the way to success. From the look of things you are not fully prepared to do this deal, however, it is not too late to start doing things the right way. You needed to have a team with an attorney or title company on your team. Get yourself an investor friendly title company asap.

Secondly, the amount of profit you are taking from this deal will dictate if you should do a double closing or just go ahead and have a regular closing. The title company will assist you with the assignment contract if you do not have any yet.

It is okay to collect an earnest money deposit upfront and you are not obliged to be at the closing table. Even though it is the buyer's right to choose his/her title company, you can arrange with the buyer to use your title company - nothing wrong with that.

Again, I say more grease to your elbows....

@David,

I will suggest you get a realtor friend (one who works in and knows the area), take him to lunch and pick his brains, you will be amazed what you can learn from him/her.

good luck