All Forum Posts by: Matthew Hudson

i think you misread it is 1400sqft

Conservative ARV 180k, rehab 35k for flip or 15-20k to hold. 3bd 2 bth 1400sqft built 1950 market rent is 1600+

7 out of 12 comps over 190k arv

Purchase 105k

I appreciate all the input so far, i will be starting to do some more digging and give my mother some direction. The mortgage has been current but is due next month. So far the other siblings are unwilling to pay it as they dont see it being worth it based on the houses condition currently. I think depending on how much is owed to medicaid my mother might still be able to make it work. I will be getting some hard numbers.

There wasnt a will......i dont believe that but i think other siblings ransacked the property because my grandmother is known for having a will as well as large amounts of cash stashed in her home. Just want to try and help my mom out she has been in a tough spot

First off let me say I'm at work right now writing this post and I'm using voice text so any misspellings I apologize hopefully it'll come out legible

So I found out last night that my grandmother died and now the house that she was living in goes to her for kids one of which is my mother at the end of her life she was in a nursing home and incurred medical cost and from the information that we found out Medicaid wants to take the house and sell it off for unpaid bills I know that my mother is two sisters have already signed off on it and don't want anything to do with the property itself I'm unsure about the third sibling but my mother is interested in keeping the property and either fixing it up to rent it out my question lies and whether or not Medicaid has a right to pull that where is Medicaid a federally funded program

We were told that her bank account was frozen and none of the other siblings want to take over the mortgage payments because the house hasn't been kept up on in many years so it sounds like Medicaid or the bank is trying to force a foreclosure to take over the property if my mother keeps her vested interest in the property what options would she have as far as being able to to flip the property any information about this would be great if there is additional information that you need I can do my best to provide it I'm kind of lost here

Also if there's a better forum to post this topic and please let me know

oh man i just saw this..... 2 days late

another quick note is i have gotten two leads on properties with a few older owners owing less the 30k on mortgage that have abandoned the properties and bank wont forclose on them because it isnt worth it to them. Is there a way to target properties like this for direct mail. I got the leads just by telling people what im doing.......i tell everyone lol

on the plus side im glad i redid my math and that i was under on my first offer because i knew i was being conservative and will remain conservative in my numbers moving forward to make sure i am getting a good deal. The homeowner didnt like the other person who looked at it and we built a good relationship so it may still come through but either way no worries

Just a quick update I went and checked out the property I think and its location it will bring in a lower ARV and it's a full gut rehab definitely different than I was led to believe but still a great experience I went in check the place out very thoroughly and made my offer accordingly I am currently in second place there was another wholesaler that came in and made an offer 15,000 higher than mine it was a great experience and definitely used the opportunity to learn from and on to the next deal

I'm having trouble quoting people to apply to individual statements that were made so I'll just throw in some overall information

This wasn't listed on the MLS it's an off-market deal I contacted an agent in the area to run comps. I found the deal myself it wasn't brought to me by the agent

This particular property is located in my hometown where I grew up the market trend is definitely going up some areas are a little bit rougher than others but overall they've been making a lot of improvements over the last 7 years and price trends have been appreciating nicely as a result. 

I have a construction backround and my brother in law worked as a contractor doing high end flips on nantucket and cape cod. He is looking to get back into it and we have a small work force that can do most of it so it wouldnt be having to trust a random GC

welcome to the  BP community. Its great to be able to have such a supportive community