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Hey folks, long time.. Well, after much looking, I have maybe found my first project.. It is a farm house type deal.. 1.8 acres.. Has a ranch at 1,500 SQ, 2 car garage, and another bigger garage, like a mechanic shop. Then in the back, there is another building, with 1,550 sq., upstairs and down stairs.. It's big, could be another house.. Has kitchen, bath, not to bad.. Can get for about $110,000... Comps average around $220,000.., but the ceiling is up there, around $300,000-$600,000... There are properties that can match this in the area..

Well, here is the problem.. What to do.. Do I just update the main house, and just leave the other 3 buildings alone, maybe just painting and fixing up in a minor way? Then let the buyer do what he wants?

OR

Rehab all to the fullest, and maybe use the back building as a in-law house..

OR

Demolish back building, and use the floor as a nice basketball court or tennis court, keep the big shop garage and modernize the outside, tear the front house down, and build a new house on the remaining foundation, with attached garage, and second floor giving a total of around 2,500 sq.

I MUST get 3 plans ( options ) together for my investor with-in the next two days.

My investor was thinking of making the back building a flat, and renting out.. But I want to make money, do this deal and move on..

This is a country setting, nice and quite, peacefull.. Ponds on two sides of the property.. I am trying to stress to him, that If one was to pay even $200,000...., the last thing they want is neighbors, in the country...

I think we can make some money here, as the land is valueable, but the renting thing has to be flushed from his desires..

What do you guys think? I'm really stuck here, KINDA

Thnks

OK, thanks for the input Ohio.. I'm going to set up an appointment just to see the place and what kind of basement I'm working with here..

Anyone ever heard of Radon Loc? It's a spreadable application used in basements to prevent Radon and moisture.

http://www.radonloc.com/

If I did this to the prop, and sealed it up, would it pass an inspection even though it was done by myself?

I would just like to eliminate the problem instead of venting it out.

Good luck Foleno, I'm doing the same.. Going to my first one today, just to get the feel of the bidding and such... For Feb, there are 65 going up for sale... The way it works is there just might be a very small debt to the prop, meaning some back taxes or something like that, which could sell for pennies on the dollar.. Do your home work on these props.. Seeing you can't get into them, you take a huge risk, but it could pay off..

I found that a good way of going at it is take the value range, and find the median of the two, and that is the amount that you could most likely sqeeze from the prop.. I'm looking for a spread of about 800%, meaning, for a buying price of a prop, with a value of $100,000., dont pay more then $12,500. Thats the figure I'm running anyways...

Good luck and keep us posted

Ummm, Make a name that starts with the letter A, because thats what the phone book wants you to do... Left to right readers will see your name first, in a phone book, just in case you go that way.. Thats a biz trick some old cat taught me, 8)

OK, yesterday we looked at the remaining 45 props.. Took pics of all of them and going to make a little portfolio with all info and pic of each prop. Then, today we are going to the court house to dig up all the info on these props to find any back taxes and leins.. Then I will take that info and plug them into the files with the props.. Then I will find the recent value and comps for each prop, and file accordinaly.. THEN, we will break down the list to major hits and go back to the prop and take a closer look.. BOY DID WE FIND SOME GEMS...

Things are moving pretty well, got alot done in the last couple days...

O yeah, it's funny thinking the place is empyt, just to look into a window and seeing the owner looking at us, LOL... :shock: That happened about 4 times...

Good Day and Better Profits

I dont think that is possible.. It's an auction, as-is, at set starting bid..

Good morning, the lender himself is a well known business man from my area.. But you are right, and it really sucks that this is even an issue in the USA. You have to pay the balance at these Sherrif Sales anyways...

Well, time to hit the streets, have a great day

Well, first off, I'm in Erie PA, I have a partner, and money is not a problem, I have a hard money lender... I truely have big goals, simply because I know what to expect of myself.. So, I want Trump status, thats all.

Today my partner and I went to the court house and got a booklet containing all the sherrif sales for the month.. Feb, there will be 65 sales to go up for bidding.. We wrote down all the addr. and took a strole around and looked at 15 props. Tomorrow we will continue to look at all the remaining ones, and checking them off a list, to elim., the ones that we didnt like, but added to a list, just incase that it might go for some ridicluas bid., never know.. At these sales, all tax liens are sopposed to be presented at time of sale... I think we made a nice stride in getting moving in the right direction... Then I will go through the list and find a comp price, and a market value price for the prop, and use these to compare at time of sale to help our choices.. I've heard of some of these things going for $1,000.. This is presented for the month of Feb..,, We have a S/S happening this Friday, so we are going to look at a few props, and go to the Friday on with no intentsions on buying, but just to get the feel for things and the amount of people that will be there..

Well, it's been a long day...

Good Day

PS,, any info would be appri...

Im really caught here. I need to find something this week, and dont know which way to go.. REO, Im thinking will be the best way to start with first prop.. Foreclosures look to be a long process, with counter strikes and feet dragging.. I need to find, start, and finish in a timely manner.. Im very green at this game, and finding a good starting line is being a problem so far.. I am not really looking for a complete crap prop., just something that I can get my feet wet, and turn for profit.. Money isn't an issue, but is. LOL, I guess I need a mentor or something..

Im not saying I have no idea what to do, but there are many options and I need to make the right chioce the first time around.. But now, I seem to be dragging my feet because I have alot going thru my head.. Plan first, then attack is my approach, but which field to attack seems to be my problem..

Im looking for no hassle, find, agree price, and start banging this thing out.. Do you know what I'm saying?

What is the fastest starting point market?

I know some are probably sitting there thinking, this kid has no brains for this biz, but really, I dont.. BUT I dO also.. I know what goes into this biz, and know what to expect.. I know you folks have been in this biz and know what the next move should be, I just need some pointing out for the first time in awhile...

GUYS, PLEASE HELP ME,LOL.

I have to make a move today, doing something, wheather it be driveing in the high priced hoods and looking for distressed props for sale, which I think would be a good start, or trying to obtain some sort of listing for forecl props.... Like I said, I HAVE to make a move TODAY.. This is a must in order to keep my lender on his feet, and motivated to give me this money..

Thanks folks..