New Capagin

[Gerald Smith]

Last week I started new a new campaign with yellow letters and bandit signs. I received a call this weekend on a property in a mostly rented neighborhood. The seller inherited the house which has been vacant for a while. It needs some updating before it can be put on the market. Most of the houses in the area sell for no more than 50k renovated. I wrote a contract on the house for the mid-teens. The seller wants to settle as soon as possible (eight days) he desperately needs the money. I know it will be hard to get a buyer within that time frame.

I am contemplating buying it, renovating it and putting it on the market or buy it and try to sell it to an end buyer in a few weeks. The deal is as follows.

Purchase price 15k

ARV 42K

4bd/1ba

16k in repairs if I retail it

10k in repairs if I rent it.

I am also working on a commercial property deal 2.3 acres in a fast growing area on a main highway buyer wants 1.3 million. I need buyers with more spendable income. The buyer said they don't want to put it on the market with an agent because they had an agent try to sell it for 2 million three years ago.

They got an offer for 1.5 three years ago but the agent told her not to accept it because they will get 2 million. Needless to say she didn't get it so that put a bad taste in her mouth toward listing it again with a realtor.