All Forum Posts by: Ricky Lopez

Hi J
Thanks for the response, I have not gotten any feedback yet from landlords. I'm putting together a flier to email some of the property management companies to see if they would have any interested buyers.

Mobile's rental market is pretty descent, with rent around that area going for about about $750-800, for the median. However there is a finished two story storage building in the back as well, so maybe able to receive extra for that.

Is there any other criteria I should include?

I just put a house under option for 14 days. I have buyers in mind, but after speaking to the first one he gave an indication that my deal was more inside a rental market and people probably wouldnt want to sink that type of money in, which could be the case, but seems to me like a descent family neighborhood.

The Deal

1)House (3bd 2ba 1100sqft) comps for around 80,000

2)Put under option for 30,000

3) The house does need repair and I have done really conservative repair estimates, coming up with a number around 30,000 just to be on the safe side and not give any surprises to a buyer.

4) I was looking to assign contract, after exercising my option, for 32000

Any suggestions on a different way to market this deal or am I looking at the wrong angle and marketing a non-deal.

Hi Michael,

Thanks for the post, while speaking with the seller, she did bring up living alone, while having a disability, as being another factor, but I do agree, that it could be any number of reasons. I spoke to the seller today over the phone and it seems like this may head to nowhere, didn't seem as enthusiastic or wanting to much information about the voucher program.

While looking over the section 8 website, I am know wondering if this seller would even be a candidate for the voucher program. She wants to move from the area, but since she owns a house, I would think the persons name would stay on the bottom of any waiting list.

I kind of got that feeling, of would this person, be better off just staying. I want to make money but not put someone in a bad situation. I will definitely do the follow up

Thanks

Hi Wayne,

Thank you for responding, yes I did mean paid off. Ill check the HUD website and see if I can find anything.

RIcky

Hi Mary

Thanks for the response. Do you have any primary exit strategies you would recommend? I thought of landlords mostly because the area has a lot of renters and is an area that is appreciating, but at a much slower rate than other parts of Mobile.

Thanks,
Ricky

I have a motivated seller, who is free and clear of a mortgage of $16,000 and is firm on selling for at least $10,000. The house is actually in descent shape with the only problem being an unfinished backroom and the a/c window units could stand to be replaced. House comped well tax assessor did give fair market for 16K. I did look at some website pricings which was considerably higher, but was only used for reference.

The problem I have run into is that she is motivated to sell and tired of living in the area, but is on disability and can not afford a lot with the amount given ($800).

She probably would have signed an agreement after our meeting, but I did not feel comfortable signing the agreement not knowing if this seller would have somewhere to live after and it sounding like I took advantage . She asked about section 8 voucher housing program, which is a subject I am not completely familiar with, but I said I would find some answers about the subject and get back to her.

Is there a better way to make this deal happen or am I delving into dangerous territory?

Hello to everyone,

I received a call from a direct mail letter recipient. The owner is looking to move from the area and selling one of his rental properties. He has advertised on a website, not a realtor,asking 55,000. I spoke with him and found he has put a new roof,carport roof, furnace, outside paint job,and two window units in. I drove around the neighborhood and saw the houses exterior did look to be in good condition and did comp with the other houses. I asked "what his time frame was for selling, and reply was "within 50 days". While speaking with him I stated that the house priced at retail and I was looking for a number much lower and I threw out a number around 35,000,mistake? I just wanted to know if I should pursue. He is thinking about it. The rental does have a tenant in it and the rent is upward of $600. Also the tax assessor site showed no liens or holds on the house, I will however dig deeper.

My question is could this be a deal I could market and wholesale to a landlord? Being my first deal I just want to see the process at least, I'm not looking for a ton of profit with this deal, that's to say if there is profit on this one.

Any feedback is appreciated

Thanks
Ricky

Hi Kirk thanks for the reply,
The seller did say she was moving to another state. They said fairly soon they will need to sell.