All Forum Posts by: Steven N.

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Hi Biggerpockets

I have a seller that purchased a property in 2001 with his girl friend at the time. They broke up in 2005 and she has since stayed in the property.

The original mortgage of 80k was in both their names. Current mortgage is 50k. Deed still in both their names.

The ex gf still lives on the property. She pays all the mortgage, the taxes and insurance. She had the roof redone last year.

The guy just wants to be done with it and refuses to just give her his half.

He is willing to quit claim me his half for 5k. We’ve done a record search and the only things attached to the property are the mortgage and a small lien. Zillow estimate is 197k

I would purchase through a LLC or perhaps create a Florida land trust

I have several possible exit strategies:
1. Let her buy me out
2. Buy her out
3. Sit on it and let her pay down mortgage
4. Force a partition sale but I’m not really looking to force anyone out of their house
5. Sell to another investor

Title company is willing to create a policy on the transaction and run a full title search just to make sure Im paying 5k to someone that actually has rights to the property. Even though Ive already done a search of records I might go this route.

Another issue is due on sale clause. Ive heard purchasing through a florida land trust will not trigger this. Even if I just purchase through an LLC I don't think it being triggered is high.

I know not having control of an asset is not a situation you want to be in but in the ned of the day its only for 5k.

What do you guys think? Would you do this?

video of the interior: walk through

bath outdated also

Thank you so much, Bryan! The reno estimate of 39k included 10% what-ifs but your point stands. I do need to find a good agent but since I would be selling FSBO I don't know how to do so making it clear I had no intention of using them. I think misleading them would be unprofessional. I think the best move is to get that advice from a local professional and if I can justify it just spruce it up a bit and list it. Thanks for you help!

Bryan the issue is Im not experienced enough to run a cost and ROI analysis Im confident in. I do see places in the neighborhood selling maybe 15-20k below zillow estimate when not updated. its estimate is 215. Another issue is I don't know HOW much to reno if I do. If I fixed every single thing I'd like to to make it look awesome its a 39k reno, If I do a light reno just redoing kitchen, bath and some other things I could spend 20k. Im all over the place again due to my inexperience.

Thanks for checking out the video and validating my point. I bought it for 131. zillow estimate is 215 and all fixed up it could likely get 225. I was thinking to paint the interior, fix the pool and just list it at 199 as I see places in the area selling 20k below their zillow estimate when not updated. Id rather not have it sit on the market so that's a valid point but I don't see the point of spending 30k ripping thing out just to sell it for 225. I guess I just don't have enough experience in flipping (I usually wholesale) and don't know the area well enough to be confident in my cost and ROI analysis.

thanks guys. I have it under contract to close in 4 weeks. It has a pool and I would like some cash so Im leaning towards flip not rental. Its in central florida and is at median price for the area. I realize this isn't much info but I attached a youtube video to show how clean it looked. Idk doesn't seem to make sense to me to rip out everything because its a little outdated when its so clean I feel like I could sell it as-is for a good profit without spending 30k on reno. here's the video again: new acquisition

Okay I will back away from the roof replacement. Garage is not something I considered but I'll price it out. When you guys say paint the exterior are you referring to the brick?

Roof was put in in 2007. Seems in okay condition and has life left but my main issue is the color I think its so ugly. Was thinking of replacing with a grey roof and maybe paint the brick white or a light grey. Purchased the property for 131k and can get 220-230k if its nicely done so there's some room for me to play around with. I also want to remove that big tree up front. Any input appreciated.

Please see linked images.

https://imgur.com/a/dP2bIYK