All Forum Posts by: Thomas Weidner

@Kendall Short looks very nice. How much do you rent it for a month?

@Gabriel Canal thanks. The best of luck to you as well.

@Erik Perotti this property was in my wife’s home town about 45 minutes from where we live now. We talked to a realtor in that area that gave us comps. It appraised out at what we needed it to and there is a shortage of rentals so we went ahead with the deal.

@Zachary Zinn it was a friend of the family. She had inherited the home a few years back. It turned out more than she could handle and keep up with. She kinda lets things just go. We were able to get here out of it for what was owed. We did have to come out of pocket because there were a couple of years of back taxes. But we are going to try to recoup that money when we put in long term financing.

We closed on our first BRRR and we are off to the races on this one. In the first week we did the clean out of over 100 bags. We have a new hvac in. We demoed a couple of walls and open things up a bit. We are scheduled to have a new roof put on first chance we have between the rain. The things to come we will have the Sheetrock repaired and textured. We will have the electrical updated as well as the fixtures. Then to finish up new paint and floors throughout and find a renter. All within budget and time frame. We are excited how this is going! We will be shooting for $1200 rent and have around 75k all in.

@Greg H. I believe this was the first letter. We contacted the bank where the note is held and spoke with them. They want a contract and a approval letter from our bank saying we will be able to purchase. The bank said they could hold off till March 5th with the items listed above possibly longer if need be. We are pretty much purchasing for what is owed and the seller is walking away because they are unable to keep it up and behind on taxes. I believe we are only a week or two from closing. Thanks for the feedback.

@William Hochstedler we have talked to the bank that has the loan and getting them a signed contract. They said the same as you about this would stop additional fees adding up. I appreciate the response thanks.

@Joe Splitrock the letter received said she had til the Feb. 5th to pay it or they were going to foreclose. If we weren’t able to close by the 5th what can we do to delay or post pone the foreclosure.

We have a property under contract and we are having title work done as we speak. The title work should be done by the end of the week. Today the seller which we know personally called and told us that she had received a foreclosure letter from her bank. I know we will not be able to talk to the bank where it is financed because we are not on the note. What do we need to do now to close this deal!

@Paul Sandhu that’s a great way to keep things in house and cost down! Just don’t make her mad!!!