All Forum Posts by: Michael R.

I would talk to a few local contractors and realtor before you make a decision. If it can be rehabbed and sold for a profit then I would still buy it. The only people who can advise you on rehab costs and what you may sell for would be local contractors and realtors. If after you break down the costs you are still not comfortable with it then you lost 800$ not really a huge loss. I remember my first rehab-looked as in the same condition as this place. Once it was done and rented it acually became one of my best properties. sometimes things look bad but are not as bad as they may seem

I would be afraid to turn over my property to someone I do not know. What happens in 2 years when the building gets out of control and the buyer decides to walk away? Is the 35k spread worth it? They might not just walk away either you might have to do an eviciton on the company to regain comtrol of the property. Now you might have to do evictions on some tenants and repairs that could eat up the 35k.
I do not know how much they plan to put down but I would want a minimum down that would cover the risk of finanicg it and also cover cost should you need to take it back. They might even give it back with code violations liens etc.
I rather sell at a discount to a stright up cash buyer than hold the note. I will hold the note if the down payment is large enough and I feel confident in the buyer.
Also I would check this companies referances. Are they a new company? Have they done deals like this before? Have they ever completed the agreement and cashed you out of the property in 2-3 years?

Hi Cheryl,
I have not recorded them yet because I just recieved them back from the seller. I am considering just fliping the properties as is. I know recording might take up to 2 months here and I really dont want to just sit on them for 2 months. If I can relist and start taking offers it would make me feel better.
Really the reason I asked is the econohomes thread got me thinking. They say they have up to 180 days to deliever deed to the buyer. I am guessing they list for sale while deed is not recorded and returned to them. Also I see some titles chains where the deed is transfered 2 times in one day. Once to a buyer for say 1k then to another buyer for say 4k all in the same day.
I just sent out the deed yesterday anyway so I will see how long it takes. In the meantime I will just list and if I do get an offer I will just let the buyer know it might take a little longer to deliever the deed.

2 in erie 1 in monroe. Attorney said it probably was not a good idea. Wanted to see some other ideas though

Sorry I am not the best at making good thread titles.

I have 3 properties that I bought. I have signed deeds in hand but have not recorded them yet. Do I have to wait until I get the recorded deed back before I can sell them or can I send out titles for recording and list the properties now?

Sherry,
The photos are not all that bad. In my markets I would pay 500-1k for a similar property. The roof looks decent and it does have vinyl siding. I did not see the interior pics though. Guessing it needs all plumbing and complete rehab. If you do buy it I would have someone clean the yard asap and remove or paint over the tagging on the front. Then I would have someone board access points. You might be able to sell it for a few k once it is cleaned up and more presentable. Otherwise this is exaclty what I would be expecting to get for a 800$ property.

Why is it a waste of time to write low ball offers? Sometimes they are accepted and the buyer gets a deal. Sounds like the agent just does not want to bother writing offers that have a high rate of being not accepted and will potentially lower there commission. Plus in some realtors eyes presenting a low ball offer to a seller might make it appear that the agent is not doing a good job. Personally if I list with an agent I want to see all offeres including low ball offers so that I know what options are on the table.

Hi Jonathan,
I am not going to be attending the sale this year. There are a few decent properties on the list but most is junk that has been though a few inrem sales.
I have only bought these properties cash and I do not think you would be able to get a loan on any of these properties. The buyers probably are all cash and most properties go for pretty cheap anyway.
Personally I would not plan on buying anything at this auction unless I had all cash and it was a smoking deal. You can get good enough deals off the mls or streets just by talking with owners. Plus you wont have to worry about the 2 year possible redemption period. I would say most wont fight it but after you sink 8k into the property to rehab I wouldn't wanna risk it.
Also yes these properties come with the code violations which you know the city is quite strict on. Just buy it and fix it in reasonable time. Also lots of these properties are on the demo list and probably are worth nothing. (although some properties that are slated for demo are actually not bad just been neglected)
Good to see someone else is investing in Buffalo. I think it is well kept secret. If you have any questions just ask.

I dont think it really matters if there are back taxes or not. If the purchase price plus all costs is what makes it a deal or not. As far as taxes I have sold properties with back taxes. Buyer can pay at closing to just take title and pay later on.

I have never fined a tenant for a party where police were called but I have issued 3 day notice to comply with lease. In one city I invest if the police are called to many times to your property the city holds the landlord responsible and make you evict the tenant. They may even try to make you shut down the house and board it up for a few months.