All Forum Posts by: Stephen Kiser

Thanks @John Thedford! 

@Kevin Siedlecki I am starting to think that her motivation is low.. I figure worst case scenario I can always list it on the MLS as her Realtor. What are some good screening questions when a call comes in?

Kevin Siedlecki I should have mentioned that my brother is a partner in the deal and has around $35,000 saved to cover repairs.

Hello everyone, I had a lady call me today with a home she would like to sell as quickly as possible. This home is in an A or B class area and would sell in any condition in less than a month based on comps. ARV for this home is in the $219,000 - $229,900 range. Based on my walkthrough I see the need for flooring, granite counter tops, paint, fixtures and door hardware. Then some minor repair work to some other areas that would total around $20,000-$25,000 (My father and brother are licensed general contractors)

She currently owes around $110,000 and has a PITI payment between $900-$1,000/mo.

Rent for that area is an easy $1,400 - $1,495/mo. 

Since I only have $20,000 saved I was thinking if I could get her to owner finance with $5,000-  $10,000 down, then go fix and flip and pay off within 6-12 months. 

What are everyone's thoughts? I am still new to this.

@Gordon Cuffe Yes, on the Rowan county side. I spoke with the seller this morning and mentioned subject to and he wants to talk tomorrow. Are those numbers as tight as I feel they are or am I just freaking out over my potential first deal? 

I am going to give it a go! 

Thanks @Craig Garrow

@Craig Garrow 

What was your response/conversion rate for expired listings with that short, to the point message?

Pratik P. That was my first thought! Then I started doing the math, please correct me if I'm wrong but I came up with. $1,425/mo rent - $1,030 PITI - 10% ($142.50) for property management - 10% ($142.50) for future repairs = $110.00/mo

Thank you everyone for the great advice! I have received 4 calls total so far from my second batch of mail. 2 were not interested and 2 that have homes they want to sell. 

One is a 4 bed 3 bath home that has a combined rent of $1,425/mo. (new roof, new water heater, new HVAC) Both tenants have been there for over 6 years and on time/no issues. The seller just had a stroke and told me he would sell for whatever he owned and that he did not care to make any money. I met with him yesterday and he owes $128,000 with a monthly PITI payment of $1,021/mo.

Unfortunately the ARV is around $129,000 so I am not sure if I could do anything with this one.

I have another meeting scheduled today with the other potential seller! 

Jd Martin Thank you for the advice! I will add the return address for my next mailing. Ryan Dossey I will PM you Thanks again!

@Ryan Dossey 

I am a few hours from Topsail but you can't beat the coast! 

When you buy a list from Listsource do you hit that list 6-8 times then purchase another?