All Forum Posts by: Eve W.

I am trying to put a house under contract.

The house was burned down last Oct. It needs complete demolition and rebuild. After insurance paid the bank, the balance is like $40K. The land doesn't worth that much, $17K in appraisal.

Would this be a short sale? Do I need to help the seller to submit a financial difficulty letter? The seller actually is not in a stressed financial situation, just doesn't make sense to continue to make the payment while the house doesn't worth anything.

Any feedbacks are very appreciated.

hi k, for 5000 mails a year, do you only hit your list one time?

hi k, could you elaborate a little more on how you structure the no equity deal? is it not the typical wholesaling? did you find your owner equity buyer by posting the house through the mls? was the loan amount a lot less.than the arv? did you take it by taking over the loan and paying seller a bit cash upfront? thanks.

I have a motivated seller which I need help to structure the deal. Her husband who is the main bread provider passed away in May and she has been struggling to keep up with the house payment.

The house was built in 2000 and they are the first owner.

House 2013 tax access value $103K, she owns 75K, 13 more years left. Monthly payment is $1134 including mortgage, tax and insurances.

House is in good condition, needs new carpet, and some paint. Power wash outside.

The neighborhood is a blue collar neighborhood, her house is worth between $80-$90K according to the recent comps.

The house can be rented for around $1250.

She had an investor offered to take over $75K mortgage and pay her $10K cash. She rejected because she wants at least $15K cash. That was a month ago. She may reconsider that offer, but she wants to see what I have to offer.

How can I structure this deal so it can be beneficial to both of us?

I am thinking market to the end buyer to take over the payment of $75K with $20K down and I get $5K out of it. Is this workable? I am not sure how exactly this owner financing work. Should the buyer continue to pay or the buyer needs to get their own finance 3-5 years later?

My thoughts maybe too naive, not realistic, please bear with me.

Use google voice number.

Get apps for google voice (search google voice in apple store, you will find several). Install them. You can use one app. for one GV number and another app for another GV number.

When ppl call your GV #1, it will ring through one app. GV#2 will ring through another app. In all cases, you answer with your cellphone.

Does this make sense?

Got lots of useful information on BP, time to give back.

Here are 2 useful tools can help you boost your craigslist ads:

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2. Track your ad hits count:

http://www.codbag.com/My-Codbag-Basic.aspx

They are self explanatory and easy to use.

Enjoy!

The tenants want to install security system with smart thermostat adapter and one main keypad? How should I handle this?

Should I say yes under the condition that the system needs to stay when the tenants move out?

The house is newly built.

I mail to absentee owners and probates. Almost every calls I get I was asked where do you get my names and addresses. I usually tell them this is public records. Maybe there are more brilliant answers out there, your inputs are greatly appreciated.

I also receive angry phone calls from the spouse of the decedent. She claimed she will let the whole subdivision know about the letter. I need to remove her from the list, should I call her back to get the address? How should I deal with her?

thanks

Welcome Andrew!

Are you looking for next acquisition for flip or rental?