All Forum Posts by: Liz Ellis

@Bruce Lynn Hi Bruce, thanks for the insight. The property is under contract but if anything changes I will let you know and set up a viewing for you.

Thank you everyone for the input. The property is under contract with a local seasoned investor. Thanks for the advice to call the Title company. I have used them before so I at least know of them, but getting their breakdown of what happens next will be helpful. 

Hi Eliott. Thanks for the response. The goal is to get rid of the house on my Dad's timeline with no contingencies - which is why I am inclined to go with an investor or wholesaler. In the New Boston market it is highly unlikely that a homeowner would take on the foundation repair and cosmetic overhaul that it requires. It will not pass appraisal so cash buyer is required.

Thanks for the tips on listing it. That is a pretty obvious step that I have already taken and received a ton of inquiries and one offer already. I do not know the next steps as far as contract drafting or legal paperwork required to sell a home FSBO and that is more what I was looking for help on.

Thanks again.

How do I sell a house without an agent? I am trying to sell my Dad's house for him. It needs foundation repair and cosmetic remodel, so investor or wholesaler only but I have never sold or bought anything without an agent. Trying to avoid fees since he will likely be at a loss. Located in North East Texas.

Asking $40k, ARV is minimum $100k

Thanks! Looks like you are a house hacking pro! Will you be at the house hacking meet up on the 11th in Arvada?

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fort Collins.

Purchase price: $510,000
Cash invested: $10,000

Primary residence house hack! Duplex. Long term tenant in 2/1 on the left, my wife and on in the 2/1 on the right! Plan to eventually turn this into a short term rental. Fort Collins had strict STR zoning, but this duplex just happens to be in the legal STR zone.

What made you interested in investing in this type of deal?

House hacking can unlock so much of your income to use for other investments.

How did you find this deal and how did you negotiate it?

MLS, offered over asking with appraisal gap and limits on the inspection contingency. We did receive some credits and a home warranty due to some inspection findings.

How did you finance this deal?

VA loan!

How did you add value to the deal?

We are doing light renovations in the side we live in. Improving the exterior of the property with new fencing and landscaping.

Follow up - I offered my PM 15% vs the regular 10% of any money we get from a local or federal program if she would go and sit with the tenant and apply. She did that and the application was accepted in June. In August we got back bay from the KERA program totaling nearly $5000 including late fees. 

Purchased duplex in KCKS in Jan. Inherited one tenant who informed us shortly after closing that she lost her job due to COVID. To date she has paid $500 out of $3400 rent. Her lease ends in August. 

My PM has been pushing local rent-assistance programs to her since March. Tenant states she has applied with United Way but hasn't shown any confirmation and of late will not provide a status update. My PM says we can't apply for eviction until July 1, but by the time it has processed her lease will almost be up, so seems like a waste.

Has anyone been dealing with this type of situation? These programs are in place to help the tenant, thus they require action from the tenant. I haven't seen any where I or the PM can apply for her without her direct cooperation. It would be a shame for tenant and I both to not utilize these programs. Any advice is appreciated!

Though I haven't purchased in the area yet, I plan to next year and hope to use @Chris Lopez or someone else from his team. I've been listening to his Denver Real Estate Investing Podcast and using his free calculators. Both have been really great. https://www.denverinvestmentre...

Best of luck!

@Mike Zaven Texarkana, Arkansas