All Forum Posts by: Nicholas Richardson

The for all the input guys. The house is a split level. The part of the house that is in the pictures is not above the basement, so I am guessing it is just a slab under there.

I would be trying to wholesale this house so I am really just trying to get an idea of what I need to estimate for repairs. I don't want to end up getting stuck with the home if I under estimate the repair and offer to much.

I looked at a house earlier today and am not really sure how to estimate this. The owner had an inspector out and he told her the home has shifted. You could see a large crack in the living room. The crack it the living room looks like it could just be covered up. On the outside wall you can see where the brick no longer lines up and they tried filling the area. I have posted some pictures of the outside below. Is this a huge amount of money to fix? Is this something I should just stay away from?

The number are:

ARV - $135,000
Repairs - $50,000
Asking - $20,000

I ended up just putting the house under contract this last Friday. I am actually in the process of trying to find a buyer for it right now. 1st step is complete now I need to make it to closing!

I just got a contract signed for a single family house in Chicago that needs to be rehabbed. I think the number are pretty solid but I am looking for some help finding a buyer. Where do you guys advertise if you don't have a buyers for a certain area?

I have been placing ads on craigslist, kijiji, biggerpockets, and facebook but have had a very small response so far. I have someone that seems pretty interested and is goign to check out the inside of the property today but I want to keep advertising so I have a back up in case this buyer decides against it.

Any advice would be much appreciated.

Thanks for the help guys. And Jon thanks for the email.

Do I need to have an attorney for the paperwork? I need to meet with the owner on Monday and I don't really have time to get an attorney. Couldn't I just buy one from one of these legal sites or Office Depot?

Also does the owner need to sign it in front of a notary?

This coming Monday I will be meeting with an owner that is going to sign the deed of his house over to me. I already have a buyer lined up to take this property from me right away. My are questions are as follows.

What paperwork do I need to transfer the deed from the owner to me? What is the process?

My buyer wants to make sure there is clear title. Do I need to have a title company do this or is there an easy way for me to do this on my own? I checked the records online and it looks like there is a release for the mortgage records. Taxes are current and and can't find any liens on the property.

Even though they are giving me the house for free does anyone have an idea of what all this might cost me if anything besides the fees to record the document?

Thanks for any help in advance..

Thanks for the answers guys. I think it actually make sense to me now.

What about if you are just starting out making offers on bank owned property and you don't have a lot of cash for the EMD? What is the best method when you are new?

Also if you are making offers on multiple properties are you writing checks for every property? That could add up pretty fast.