All Forum Posts by: Nick Saucier

Tom S.

I've compared this house to other homes and it ranges considerably depending on the taste of the individual rehabber. I've seen comparable sized homes in more expensive areas completely gut rehabbed for 40k and I've seen them go into the mid to high 60 range. It's all a matter of taste and how much luxurious fixtures the rehabber decides to put into the home.

Matt Whiteside

Huge CONGRATS man, that is so awesome to hear about first deal stories, they fuel me to keep going until I get that first check which hopefully is VERY soon with the deal I'm working on now. I bet it feels so good.

Michael Rious

We agreed on 15k after some minor negotiating. She wanted 25k minimum but I worked her down off of that basically letting her know that the house had to be gutted down to the frame and rebuilt. I also threw in the fact it needed to be remediated due to the severe mold and that would cost upwards of 10k. She came down to 15k relatively quick though.

Sharon Vornholt Alison Miller Sam Craven

Yes, I still have the probate property under contract and I've kept in touch with the owner and her adult daughter. I put them in touch with a good probate attorney in my area that I've had referrals to use before. I'm definitely not giving up on it, I'm just putting that aside for a bit to work on more current deals. Rest assured I will definitely follow through with the probate property though, it will not be forgotten haha.

Well, this is my 2nd home I've put under contract in my wholesaling career so far. I think it's a very hot deal and I'm excited as can be because this time I'm dealing with an elderly couple who've owned the home for 40 years and own it free and clear. I posted a few weeks ago about my first home under contract but it turned out to be a property that hadn't been through probate yet. I directed that owner to a good probate attorney in my area and that will take several months most likely, but such is life, on to the next.

This one I got from a call on my car magnet yet again, this time NO PROBATE(thank god). It was a home that was flooded during Hurricane Isaac and has extensive damage and mold throughout the home. House has to pretty much be gutted down to the studs and rebuilt.

Numbers:
1815 sqr. ft. on 2 acre lot 4 bedroom, 1 VERY large bath which I believe was converted from 2 bathrooms by the owners some time ago.
ARV: $125k
Estimated repairs: 55k
Contract price: 15k
Estimated rent p/month: $980
I'm going to market it at $30k and will wiggle down to $20k-$25k.

Thoughts on this deal?

I went and inspected a potential deal today. It was flooded during Hurricane Isaac last year and there is mold that rises from the baseboards up about 4-5 feet on the walls all throughout the home.

Numbers:
4bed/1.5 bath 1815 sq ft home on a 2 acre lot.
ARV = $127k
My estimated repairs = $65k(need help on mold issue)
Rent estimate = $960 p/month

First, let me say I have no experience with black mold throughout homes. I don't know if they are a deal killer or not. I am aware that all of the sheet rock in the house and most of the ceiling sheet rock needs to be replaced and all new floors throughout. This house is in absolutely atrocious condition no where close to move in ready.

What I'm wondering is what else needs to be replaced with a home that was flooded with black mold beyond just the sheetrock and insulation, if anything?

Also, would a 12k offer be too low? too high? Seems really low but this house is a wreck. Any input would be greatly appreciated.

The thought crossed my mind about letter campaigns that once you run a massive, targeted letter campaign.. you do some deals and maybe get paid some nice checks... But at that point, haven't you exhausted that entire population of people of deals. Wouldn't future letter campaigns be useless unless you targeted other areas?

I guess my question is, can you, as a successful wholesaler, ever "fish" a particular area dry of deals and have to move on to another? If not, how often do you do a letter campaign to the same area?

Sam Craven

I thought it dealt with a testate estate as well but it specifically says executor or administrator. In an intestate estate, the person responsible for disbursing the assets is legally called an administrator and for a testate estate they're called an executor so I wasn't sure.

I did some reading on that page that Dev Horn linked to and this stuck out to me:

Does that mean the court can approve her to sell the property before probate closes out completely?

Gary Parker

Thank you very much, and just so I'm clear on this whole deal, she isn't legally able to sell the property until it goes through the entire probate process correct?