All Forum Posts by: Aaron Fletcher

@Mitch Smith

Hey Mitch my first priority is to purchase it and fix it up for my father in law to live there. Pretty much rehabbing it enough to where it's comfortable and safe for him. Then if something happens where he doesn't end up living there. Possibly renting it out to someone else. Or if renting is not going as planned. Flipping and selling would be my last option. I had a contractor friend walk through the other day and he's amazed that no one has found this place. I feel like there is a lot of opportunity for it to be something great for someone.

@Mitch Smith

Thanks Mitch! Would you recommend using an agent on something like this?

@Corey Hawkinson

Hey Corey, Yeah lol ive probably posted a lot since I found this site. Trying to not get too attached to this property. But also trying to have fun with it and see where it goes. Either way it's pretty exciting.

@Guifre Mora I'm not sure if legally he can make a decision on it.

So i am really really really new to investing in real estate. There is property right down street from me that has been sitting vacant for decades. I was able to get a hold of the owners son, who lives in another state. We have been texting every so often and got to the point in conversation where he asked me to come up with a scenario for renting to own or buying. I asked his permission to go on the property and got a contractor i know to do an estimate as to the cost of the rehab. My question now is how should i present my offer to him? Should i make it look as professional as possible? Should i have a real estate agent before i discuss an offer with him? Should i just text him what i would offer? Any idea would be helpful. Thanks! 

I am pretty excited about a cabin that we would like to own and fix up for my father in law. We currently have a usda loan on our current house that we have been living in for 6 years. The cabin has not been lived in for years. And is not currently on the market. The only information i have found is that zillow has it estimated for 43k. but it clearly needs a lot of work just from looking at the outside. I was able to speak to the owners son who is in charge of all the parents finances since they are in their 80s. I explained that i was interested in renting to own or buying the cabin. He asked me to come up with a scenario for each so we could discuss it. I did some comps of recently sold and they all had the same size with 2 beds and 1 bath that sold for 100k.

Currently we do not have a a lot of money in savings but i am looking for creative ways to finance this project. From the outside im guessing around 20k just to get it livable. I am the only income at the moment and bring in about 60k a year. My mortgage now is 1100 a month with escrow. Currently i owe 160k and it has an estimate on zillow right now for 200k. i know zillow is not what i should go by but its what i have to work with right now. I was wondering if anyone had some ideas that would allow us to purchase this property, fix it up and allow him to live in it. Im sure i have accidentally left out some information that would be helpful. I have been reading a lot about financing and listening to the podcasts to come up with possible solutions. Any comments would helpful.

@Kenneth Garrett its funny cause there is no history of price. I believe there parents built and owned it when houses were first built in our area. But I will ask them permission if I can go take a look at it. Thanks again for your advice.

@Kenneth Garrett is there a price you think that would be insulting to them? I was thinking like 20k but I should probably back that up with facts as to why I would offer that.

@Corby Goade my first motivation is to rent it. But being on a mountain and where it's located I am not seeing to many rentals. There are vacation rentals on and around my road. That might be something for me to consider also. Either way I feel like this would be a good first project for me to learn from.

@Andrew Goodwin yes they do not seem motivated either way really. And I'm sure since they live in another state they probably don't even want to deal with it. The property is under the parents name. I originally talked with the daughter who is taking care of parents. And then she directed me to son who she said was in charge of all the finance. And he asked me to come up with a rent to own scenario and also a buying scenario since I had told him I was interested in either.