All Forum Posts by: O'Neil Mbakwe

Good morning BP community! I'm having some issues properly comping a SFR I came across. The home is originally 2br /2bth , but the garage was converted to a bedroom, making it a 3br/2bth. The conversion renovation was subpar so I'd like to comp it as a 2br/2bth home. The problem I have is that all the homes in the neighborhood are 3/2 with a garage.

Is there a certain formula/deduction you would use to comp a 2/2 with a garage in a neighborhood full of 3/2 with a garage? Thanks. 

@JD Martin @Greg H. Thank you both for your insight. Legally, I am not the owner until closing. There isn't a lease agreement between the seller and the current tenant. Is the seller able to provide her tenant with the 30day notice?  I foresaw the tenant being an issue, so the contract I have with the seller is on an 8-month term.

@Pete Harper Thanks for your help, I didn't think about that as an option. Does anything need to be in formal writing? Could it just be a mutual agreement between the tenant and I? This is assuming I find her. 

@Bob McEachern Can I write a thirty day  notice on my own? Or is there a standard form that I can get online? Thanks for your help

@Tchaka Owen Thanks for your insight. I made sure the contract stated that I close when the home is vacant, so great call on that. Is there another way to give the tenant notice to vacate the premises? If the seller puts a notice on the door, could the tenant rip it down and say she never got it?

@Christine Kankowski Thanks for your insight. Getting tenants out could be a long process in Texas as well, my hope is that an eviction isn't needed. I've only seen the exterior of the property, but made an offer that accounted for a full-rehab if necessary. 

Thank you both for your responses!

So I recently got a home under contract in Waco, TX. Currently, the owner of the home rents it out to a tenant though there isn't a lease agreement. The seller informed the tenant that she was selling the home, but the tenant did not take it lightly and has gone incognito. She's not at the house, nor is she answering phone calls, and she has the only key to the house. I'm looking to close on the property pretty soon, and I don't want to go through an eviction process. If I close on the property after giving a 30 day notice, what can I do to ensure that the tenant leaves. 

Great information, thank you for your input. 

 @Jay Hinrichs @Ed Emmons Thank you both for your replies. Jay to your point, I'm interested in the property because there is an appreciation in the area. 

What are the risks of taking over the payments on a property with little to no equity if my name is on the deed?

Thanks. 

So I have an individual who is looking to sell their home. They recently bought a home two years ago and are now looking to sell. Unfortunately, they haven't built enough equity in the home to come out net positive. In fact, since the home hasn't appreciated much in value, if they were to do a traditional closing, they'd most likely have to cut a check to title. That's not feasible because they need the money. 

My first thought was the give the seller a down payment, and purchase the home subject to the existing financing. However, the seller isn't comfortable with having their name still on the mortgage. They want to be done with the home for good. How can I construct the deal to where I purchase the home subject-to the existing financing, and also change the mortgage and put it in my name?

Thanks. 

@Dorian Dixon Marketing is king in wholesaling. So to get the ball rolling and gain momentum to reach your goal of two or more deals, I'd choose a marketing strategy (mail, d4d, bandit signs, etc) , decide what group you want to target (tax delinquent, high equity, absentees, etc), and be consistent in the marketing your doing. Make sure your marketing techniques are legal. While you consistently marketing, NETWORK. Go to local REI groups, build your buyers list, and gain more knowledge on how to negotiate and close deals because you will be receiving calls from individuals with different stories and situations. Best of luck

@Keola Adams

When determining if you have a deal or not you want to focus on price, timeline, condition of the home...most importantly the reason (motivation) they’re looking to sell. You may not get all for criteria in the first phone call, but as you build rapport with the seller, you’ll see how motivated they are. You can usually gauge if there is motivation if the seller does most of the talking explaining why they are looking to sell.

In conclusion, it seems like this lead you have isn’t a deal.