All Forum Posts by: Spencer Rossie

@Nick L. That would be ideal! But the owner is being extremely standoffish..though I haven't made that exact offer to him. He's being or has been foreclosed on 16+ properties so he's not the friendliest or most responsive person at the moment. 

Purchasing them together wouldn't be an option (that I could come up with). The pump station is owned outright by the person being foreclosed on and the duplex is owned by the bank. 

@Nick L.

Originally posted by @Nick L.:

@Spencer Rossie

The land locking situation is easily resolved - most or maybe all jurisdictions allow an "easement by necessity". Contact your city and/or attorney.

Who owns the pump station? Can you work out a deal with them? And how confident can you be that they will be around for the long term to honor the deal? 

Are there other properties nearby that also depend on the pump station? It might be worth contacting other owners to see how they have resolved the problem.

 Good question..the pump station is owned by the individual being foreclosed on (he owns it outright). I have spoke to him and tried working a deal to pay a monthly charge for use of the pump station but he declined. It's a very strange situation. His brother owns a few units and a small business that the pump station services as well and according to the city he cannot legally just "turn off" the pump station. I would like to contact the other cash buyers who have been purchasing them, BUT I will without a doubt be in a multiple offer situation with one or more of them so I'm not sure how much information they would be willing to offer me or if it could hurt me on pricing letting them know there is more competition. 

@Account Closed

Nick Britton I tried that tactic once before with one of these same duplexes. After a few months Fannie Mae terminated the contract. If I want the property I will have to close with the title issues. They are being bought up by cash buyers who to my knowledge have to not had any issues, but that doesn't mean that won't change. My biggest concern is with the off site pump station more than the property being "land locked". If the station needs maintenance, was shut down, or any other possible issues I would be left without water/sewage as there is no available space for a septic tank.

Is there ever a situation where a deal is so good you would buy it without a clear title?

Heres the situation- $50k duplex, needs $5k repairs, $1400 rent, ARV $90K+. Cash purchase.

Foreclosure and the units towards the front "land lock" the units for sale. Also, the sewage comes from an offsite pump station not owned by the complex. Legal proceedings are currently taking place to square everything up, but the process is moving extremely slow. I spoke to one attorney involved and he thinks they will eventually get it straight but there is no clear time table. Does the price justify all the issues?? ARV is based on having clear title.

There is now a total of 4 scheduled showings for this week. The soonest I can have it repaired is by Monday afternoon. I know a lot of you mentioned pulling the listing until the repairs are complete, but would you still do that to the buyers with appointments already? 

Thanks everyone..I'm jumping right on this and getting it fixed ASAP. I just needed to hear it from someone else to justify my thoughts. Hopefully I can find someone with an open schedule and it won't cost me too much time. Rookie mistake here for sure!

I have a condo currently listed for $39.5k (one week today) I did a quick flip on. The property rents for $650 easy. Purchased for $19,150 and put just shy of $3k in repairs, however I skimped on repairing some rot around an exterior glass sliding door. There has been 2 showings and 2 more scheduled. Feedback from one buyer that has seen the property was their concern about the rot around the door. My question is should I go ahead and take care of the remaining repairs while it's listed? I'm concerned I may have jumped the gun listing it.. It's only been a week so can just ride it out or should I go ahead and take care of it? My agent is aware and knows I will fix the issue if its written in the offer. $39.5k is below comps and a great investment price. Other than the rot it's in perfect condition..renter ready. New carpet, kitchen counters, appliances, and updated AC.

I'm looking at making an offer on a property subject to. However, during my first discussion with the agent he mentioned I would have to pay the commissions. Is this common?