All Forum Posts by: Joi Maxey

Thanks John and Matt. I will contact the seller tomorrow and obtain the individual's name and see if I can do a search or track down the relatives as you stated and see if I can find this person, although time is ticking, I'll see what happens. Thanks for the assistance.

Yes this would be the instrument in which the Seller & the individual
( I hate using that term "crack head") acquired record title to the home.

Well since the Seller states she is unable to find this person, this one looks like a no deal and will most likely be sold at auction.

Thanks John for your feedback

Well after a hiatus from trying to do Wholesaling 3 years ago, I am trying to get back on the horse...I am I guess still a 'newbie', nevertheless I have a question:

I have a an Absentee owner, who wants to get rid of her 2/1 SFR property that has been vacant for 2 years. There are back taxes owed of $4,900.00. The home is in a rental area that rents from $500 - $550/mo. There is about $15k in work needed and she only wants $3,500.00 in her pocket, the ARV is around $45k-$48k. The issue is, there is another person on the Mortgage Deed along with the Seller. I asked her if he woulld be able to sign off on the contract? She states that the individual is a "crack head" (her exact words) and she hasn't seen this person in years. My question is, will this preclude me from doing this deal since the unreachable party on the Deed wouldn't be able to sign the contract?

Do I have any alternatives in this situation?

I only have exactly 12 days to get this deal done if it is a viable one as it will be Auctioned off for the back taxes.

Any feedback would be greatly appreciated.

Thank you Jon, this really helps, according to your formula, this would be a deal as the Seller is out of state and doesn't want to deal with the property any more and is only asking for $50K so with the repairs and my fee, this would be a transaction that I will pursue.

Thanks a lot

I am in the process of evaluating a deal involving a Quad/Four plex that needs major repair. The 4 units are all 3/2's. The Seller states that two of the units are rented for $700.00/mo but can go up to $750-$800.00.

Major repairs are needed for the other two units that would total about $40k.

There are no real comps for 4 plexes in the area. I perused this site for a formula and I reviewed the Cap Rate information, however I'm not sure whether that would apply to a 4 plex or not.

My fee to wholesale this deal would be about $5k. I'm trying to of course determine what I can offer the Seller that I could then wholesale to a Rehabber/Investor that would be attractive enough. Any suggestions?