All Forum Posts by: Ardie Mansouri

I've heard pallet wood can have the same aesthetic effect.  Never tried it, but a friend of mine used it to finish a bar in his basement and I thought it looked great. I think you might have to stain the wood first though.

@Ryan Dossey

The system that I suggested earlier would look like a steel plate that is basically anchored into the concrete along it's length with expansion or adhesive bolts.  As that slab is probably pretty thin the better option would be to do the carbon fiber strips that adhere to the bottom face of the slab.  This provides a tension layer that basically replaces the reinforcing bars that have been exposed in the spall.  Both methods are commonly used when a foundation company fixes a horizontal crack in a concrete basement wall.  Same concept, this is vertical load as opposed to horizontal though.

If you decide to fill that thing in, you may want to think about going with expanded polystyrene foam blocks.  Gravel, while most likely much cheaper, will put a lateral force on the interior basement wall which will now act like a retaining wall for all of the gravel.  Not saying that it can't support it, but it may cause some problems if that wall even rotates a little bit. Hope it turns out well

Ryan,

If you can fix your moisture problem with the above mentioned sealants, I think your best bet is to patch the spall in the bottom face of the slab with concrete and then provide some sort of strapping system (steel/carbon fiber) in the short direction of the porch on either side of it.  Tearing the whole thing out seems like it will be overkill.  How wide are those cracks on the top side of the slab, hairline?

@Peter MacKercher

 I actually was looking into this last week!  I tried getting Missouri's case.net to provide some sort of filter for eviction records but wasn't able to figure anything out unfortunately.  The eviction record websites that you can pay for appear to only check for a specific renter as opposed to providing all of the eviction cases all at once (which I guess wouldn't be very profitable for their business).  Makes me wonder where those specific websites got their data from though.  

hey there @Lynne Hart!  

Make sure that you are entering the hyphens in the parcel number.  Also, the name search works for me as well.

0000-00-0000-0 

I have used this to search potential leads that come through my direct mail campaign, even though I haven't done a deal yet.  If there are any MSD or city water liens against the property they will show up here. Also, you can see any liens that lenders have against the house.  Usually if there is a mortgage on the house you will see a deed of trust with the grantor being the owner, and the grantee being the lending company.  If you see a deed of release with that same mortgage company later on down the line, that indicates that the mortgage company no longer has a lien against the house.  This could mean that the loan is paid off (if there is no deed of trust after that deed of release) or that the owner refinanced (if there is a new deed of trust after the deed of release).  As I said, I haven't done any deals yet, so I'm not sure if a title company generally pulls up more information then this, but it definitely will give you a better idea on where the property stands.  Hope this helps!

I believe this is what you are looking for!

http://mo4laredo.fidlar.com/MOStLouisCity/DirectSearch/Default.aspx

I feel bad that I didn't say something sooner!  This sale is literally happening in the bottom floor of my workplace building!  Good idea @Angela Jackson !

@Larry T. . A very good point... rehabbers don't necessarily need to be who I market too.

@Charlie Miller r It would be right around $500/month

@Brent Coombs Back taxes are only about $1500, but the seller is ready to get rid of it.  I appreciate your insights!

@Chaz Reid Yeah I don't have any exact figures on rehab costs, I was more just wondering about the hypothetical situation on what a wholesaler might be able to do with a property that basically has no margin.  Like you said though, worth a try... but not a whole lot of effort. Thanks for the input!

@Mark Gallagher You bring up a good point, as this doesn't have to be a wholesale deal.  First thing that comes to mind is buying it outright, paying backtaxes, and maybe trying to get a seller financing deal with a potential owner.  That really isn't the path that I'm hoping to go down at this point.  Thanks for replying!

Hi all, hope you are all doing well!

I'll keep this short and I'll give a quick overview of a lot of the calls I have recently been getting from my direct mail campaign.

-Very motivated Sellers.  Willing to give up the property for as little as just the back taxes owed with a few extra grand to walk away with (for our purposes lets say $5k)

-Property is generally a 3bed 1 bath or 2 bed 1 bath, usually 1 story and around 1000 sf

-Property has sat vacant and has utilities more or less completely stripped... therefore lots of rehab work would be needed (probably $20k minimum rehab costs)  

-Average ARV in the area could generously be placed at $30K

In my mind the only investor that would even be remotely interested in a property like this would be someone looking for a buy and hold, as it seems there is absolutely no room for a fix and flip margin.  My question to all of you is, are my thoughts on this correct or not?  

I suppose I could get the property under contract with a financing contingency, and shop it around to see if there is any local investor interest.  Any thoughts on this?!  Thanks in advance for any input!

@Chris McDaniel I started out with agentpro, but later found that I could get a better list from the assessors office that only included the properties scheduled for auction within the year, which I think helped with response rates.