All Forum Posts by: John Van Fosen

Looks nice, you are moving quick! Where is the flip you just did located?

Did you do the work yourself or hire a GC?

I only know of one investor (friend of a friend) that invests in Condos in Columbus. He told me it really just depends on the association and fee if he will pursue or not.

Welcome, David. I joined the site a few months and am located in Columbus. I'm looking to purchase my first buy and hold, but it has proven more difficult than I first imagined. Probably due to my high demands.

What areas of Columbus do you work in most often?

Who is your preferred hard money lender?

What is your long term strategy - Buy and hold, flips, or both?

@John Horner What part of Columbus is this deal in? How did you find it (direct mail, MLS, driving for dollars, etc)?

Thanks.

Also, check out the signatures of forum members, they usually have their site linked.

Hi @Andrew Schultz

I put together a website late last year, you can view it here:

http://www.vf-rentals.com/index.php/we-buy-houses-columbus/

Its modeled after a few of the websites that belong to forum members. I setup an adwords program in February, and have only received one form submission at my site. The cost has been about 35 dollars total for the ads since I set up the ads.

I've been looking for advice on improving my words and click through rate.

To find similar sites in your area, just search for "sell my house <city name>", "sell my house quick <city>", etc etc.

This problem ended up working itself out. After I last talked to them, I told them I would need either need
A. Them officially out of the house at closing

B. Confirmation of his get out of jail date and signed lease at closing

As well as
1. Copy of last year's tax return

2. Rental Application

3. Pass background/credit check

4. Power of attorney so someone can sign on his behalf

This seems to have scared them off, they have decided to "raise the money elsewhere."

Thanks for the input everyone, greatly appreicated, as always.

The system is in place for a reason!

Although I haven't personally used them, my uncle recommended this firm to me. They use them for all their real estate; only cavet is that my uncle specializes in commerical.

Wolf, Rogers, Dickey & Co.

Phone: 1-740-362-9031

Contact: Tiffany Rankin

EDIT: Meant to say UNusual buy situation!

I'm looking for some general advice and input on this situation.

I set up a "We buy houses" website in December and started Adwords advertising in February. I got my first form submission this week, and I'm trying to decide to buy or walk away. This will be my first investment. Here is the story:

Form request was submitted by the homeowner's girlfriend. The homeowner was jailed on March 5 for failing to pay child support. Homeowner needs to sell the home to pay back child support and get out of prison so he can get out of jail. Normally at this point I would just say no, but...

It gets a bit unusual because the owner is self employed as a glass artist (relatively well known), he makes his living from the home and has a glass workshop in the garage. He has also paid for all new electrical and an all new roof. He does not want to abandon the home, so he wants to rent it from me after I purchase it. He is willing to sign a lease as soon as he gets back to town, or his girlfriend can sign via power of attorney.

I tend to believe this story because he has a lot invested in the home, he doesn't have a career without it.

I have requested the following information:

1. Proof of income (last year's tax return)

2. Access to inspect the home (haven't been inside yet)

3. Proof that he will be released immediately upon payment of back child support

Questions:

1. Since he is in prison, someone will need his power of attorney to sign the closing paperwork, correct?

2. He wants to give power of attorney to his girlfriend - but she is Canadian and not a US citizen - is this a concern? Will the POA still be valid?

3. He is imprisoned in New York, but the house is in Columbus, Ohio (Hilltop). Closing will be in Columbus. If he gets POA in NY by a lawyer there, will it be valid in Ohio?

4. Is there anything else I should request from him before making an offer?

5. Is there anything I'm missing?

6. What is your opinion on this deal & story? What would you do?

I don't particularly want to hold on to the house long term because it is not a great area. Normally, I would just walk away from this area.

I would like to lease to him for a year, then do a lease option or direct sale to him. The numbers are good.

Purchase price - 15000 to 20000 depending on condition

ARV - 35000

Rent - 650

Taxes - 700/year

Using 3k as expenses and 5k for rehab (probably not needed if he just moves back in) I get the following numbers:

24% Cap rate, 15.8% CoC, 329/month CF

Hey Folks,

I'm still working on finding my first successful deal (a few have fallen through so far).

There is a house in my neighborhood that has been empty for more than 1 year now. I've seen it listed on Auction.com twice, but it didn't sell either time (didn't meet reserve).

I'm very interested in this house since it is in my neighborhood (A class), a great location, great schools, it would make an awesome flip or buy and hold.

The tax auditor website lists the owner information as follows:

Owner	SEC OF HUD 4400 WILL ROGERS PKWY STE OKLAHOMA CITY OK 73108
Tax Bill Mailing Info	US DEPT OF HUD/T.ANDERSON THE WANAMAKER BLDG RE 100 E PENN SQ PHILADELPHIA, PA 19107

Is there a way to contact HUD about this property to make an offer?

Do I just have to wait until it hits hudhomestore.com (or other site)?

If I do have to wait, is there anyway to get notified as soon a this home goes on the market?

Thanks!