All Forum Posts by: Nino T. Barone

Hi,

I have a relative who has the opportunity to purchase a commercial property at a significant discount. He plans on splitting the building into three units for rental income if he can obtain it. The only problem here is he is cash poor at the moment. He needs roughly about $30k to acquire the property. What ways can he obtain this property without traditional financing? Any help appreciated.

Hey BP members,

I'm having trouble pulling comps on a house in a neighborhood that hasn't had any recent sales. How else can I pull comps? Should i go off of property values of surrounding properties instead in this scenario? This is for a house in a non cookie cutter neighborhood and I'm trying to make an offer on a distressed property. Also what's the best way or source for pulling comps when mls access is not available to you? Any help appreciated.

Thanks

Nino 

Sounds like i just added something to the top of my to do list. That's not to say i go Willy nilly on the deciding factor, but you're right, this is very important. I'm pretty new to all this and am just trying to get this off ground without it crashing back into the ground. 

Thanks,

Nino

Well, i have no access to a real MLS. What would you suggest? I know these sites aren't the best source.

Nino

Yea, i can understand this being a numbers game, which I'm totally fine with. I'm persistent enough to eventually get to that one, i Just want to make sure I'm doing this right.

Here's another question for you. How can one ultimately arrive to the repair value if by only probing with questions? I want to make sure that i can eventually provide accurate numbers to future investors.

Also, other then through a local REI, how can I reach out to local investors to advertise deals to? I can only think Of craigslist coming to mind.

Thanks again,

Nino

Ok so I just started talking to a homeowner of a For Sale by Owner situation. She's asking $280k, which I can't see happening cause zillow is saying its worth about $168k. She mentioned that there have been a few upgrades such as a new septic tank. Now, there are a couple properties surrounding that have either larger lots or square footage homes and are worth a little less than what she's asking. I was able to probe her with a couple of questions today and am going to be calling her tomorrow to gather remaining info on the property so that I may throw an offer her way

First off, the sitution is as follows. She is 71 years old, her husband passed away a few years ago, and her son is ill, which is leaving her with a lot of up keep on the 2 acre property. The property also has a barn. The house is just under 1400Sqft. She's not in desperate need to sell, however, I can't see her getting the asking price, so I want try and wholesale this property. In addition, she already has found a place to move to, but just hasn't yet. I've asked her if the property is in need of any repair and she said no and by looking at the face of the property, it seems well kept. 

Ok, so I'll get to the point, I'm trying to arrive at the ARV formula here so I can make an offer to eventually market to an investor. Assuming her property is worth $168k and there are no repairs necessary and I'd like an assignment fee of at least $5k I'm arriving at

$168,000 X .65 = $109,200 - $5,000 - $0 (repairs) = $104,200.

I guess what I'm asking is for some direction. I can understand if she tells me to take a hike with the offer of $104,200. Any ideas on how I should approach the situation?

Thanks for the prompt response Wayne. I'll be digging further into this.

Nino

Ok, so I've spotted a house on Zillow that is for sale at $75k. The house is clearly worth more, in fact Zillow's "Zestimate" says it's worth $203k. I went over to the property apprasier search site for the county and feel as if I'm blind to what I'm looking for. I guess what I'm asking is, how do I get more details on the property, for instance, why is it selling so low, and if maybe this is an opportunity for subject to or wholesaling. Can somebody tell  me what steps I should take to learn more about the property and what may be flags for an opportunity? I mean, obviously driving there and knocking on the door to talk to a person is my first thought, but what if the house is vacant?

Also, if I can acquire it through a subject to deal I'd like to actually put my family in it since it's an ideal location for us. What should I look for before taking that step? Title searches, any delinquencies maybe? 

Thanks,

Nino

Thanks Natasha and Lisa! 

Getting to the REI will be my top priority. I look forward to lots of persistence and success. I know this isn't an easy business, and I'm not looking for that. I know this will payoff.

Thanks,

Nino

thank you for your response. Im just so anxious though this kind of thing takes time. I will definitely keep these items in mind. Thanks again!