All Forum Posts by: Catherine Kahle

I have a probate house that once fixed would sell at $140-145K. There is a mortgage of $88,000. Fix costs would be $15K. Interest/ misc costs to borrow money to fix will be $2,500. Estimated time to fix is 4 weeks. Typical house sale in the area sits avg. 62 days to sell. Heirs just want out and are strapped for cash to keep up the mortgage payments.

I want to purchase subject to and flip. I'd offer $0 down and take the payments over.

$88,000 current lien ($85,660 after I pay four months )

2,340 payments by me to pay lien

15,000 fix costs

3,000 carry costs (interest)

4,200 real estate sales commission

1,855 closing costs (deed prep, excise and transfer tax)

$112,055 total expenses

$140,000 sell price

$27,945 profit

I never purchased this way. Any input will be appreciated. Does this look doable? How would I structure the purchase contract, my borrower needs to be protected too.

694 Old Charlotte Hwy Concord. vacant two years. Widow owned. Move in condition. Neighbor rents @$700/mo. Central A/C 3/1 No repairs needed. 1,488 sqft. Upgrade if you want but not necessary. Good neighborhood. local contractor gave it a go bill of health to move someone in and collect $. $70-76K ARV Asking $53,500

http://charlotte.craigslist.org/reo/4789346170.html

2881 Ebony Ave Gastonia. Tenant occupied @ $800/mo. Completely done over 2012-new everything. Brick. 3/2 New central A/C - heat owned by a rehabber. 1,400 sqft $89-96K ARV Asking $64,875.00

http://charlotte.craigslist.org/reo/4800790030.html NEEDS TO MOVE ASAP NOW!

13801 Mayes Rd Huntersville Vacant/probate Needs $16,000 - $20,000 1,328 sqft. contemporary ranch Brick fireplace w/woodstove Built 1983 3/2 Central A/C New windows and roof. Detached one car garage w/carport and wood shop. Large deck in back. 1/2 acre wooded behind. Building lots near by go for $100K/2 acre. $187,000 - 202,000 ARV Hard to comp because of all the expensive properties close by. Asking $112K

https://charlotte.craigslist.org/reo/4855685841.html

364 Ann St Concord 1,228 sqft 3/1 vacant two months rented @$400/mo but area supports $600-700/mo. Corner lot Solid Good roof and vinyl siding Comps $56- 65K Needs work to get $700/mo. $5,000? Asking $37,500

https://charlotte.craigslist.org/reo/4864220599.html

Ready to go for sale:

We just got one south of Monroe out in country 1,200 sqft. ranch clean good floors 1 acre granite tops new kitchen floor needs $25K repairs $80K ARV Ask $28K

Concord 1/1 836 sqft Needs $4-5K work Rents go for $500-600/mo Good neighborhood.

Concord south in country 1650 sqft brick ranch Central A/C Built 1950 Solid but needs work $25-32K 2.5 acre Garage under Detached two car garage Out buildings Fireplace in knotty pine paneled room $157-160 ARV Ask price $105K

694 Old Charlotte Hwy Concord. vacant two years. Widow owned. Move in condition. Neighbor rents @$700/mo. Central A/C 3/1 No repairs needed. 1,488 sqft. Upgrade if you want but not necessary. Good neighborhood. local contractor gave it a go bill of health to move someone in and collect $. $72-76K ARV Asking $53,500

http://charlotte.craigslist.org/reo/4789346170.html

2881 Ebony Ave Gastonia. Tenant occupied @ $800/mo. Completely done over 2012-new everything. Brick. 3/2 New central A/C - heat owned by a rehabber. 1,400 sqft $89-94 ARV Asking $64,875.00

http://charlotte.craigslist.org/reo/4800790030.html

13801 Mayes Rd Huntersville Vacant/probate Needs $16,000 - $20,000 1,328 sqft. contemporary ranch Brick fireplace w/woodstove Built 1983 3/2 Central A/C New windows and roof. Detached one car garage w/carport and wood shop. Large deck in back. 1/2 acre wooded behind. Building lots near by go for $100K/2 acre. $187,000 - 202,000 ARV Asking $112,000 https://charlotte.craigslist.org/reo/4855685841.html

364 Ann St Concord 1,228 sqft 3/1 vacant two months rented @$400/mo but area supports $600-700/mo. Corner lot Solid Good roof and vinyl siding Comps $56 - 60K Needs work to get $700/mo. $5,000? Asking $37,500

http://charlotte.craigslist.org/reo/4864220599.html

Ready to go under contract;

One just came in south of Monroe out in country 1,200 sqft. ranch New kitchen floor, granite tops 1 acre $25K repairs $80K ARV Asking $28,000

Concord 1/1 836 sqft Needs $4-5K work Rents go for $500-600/mo Good neighborhood.

Concord south in country 1650 sqft brick ranch Central A/C Built 1950 Solid but needs work $25-32K 2.5 acre Garage under Detached two car garage Out buildings Fireplace in knotty pine paneled room $157-160 ARV Ask price $105K

694 Old Charlotte Hwy Concord. vacant two years. Widow owned. Move in condition. Neighbor rents @$700/mo. Central A/C 3/1 No repairs needed. 1,488 sqft. Upgrade if you want but not necessary. Good neighborhood. local contractor gave it a go bill of health to move someone in and collect $. $70-75K ARV Asking $53,500 Will go to $52,000 if necessary.

http://charlotte.craigslist.org/reo/4789346170.html

2881 Ebony Ave Gastonia. Tenant occupied @ $800/mo. Completely done over 2012-new everything. Brick. 3/2 New central A/C - heat owned by a rehabber. 1,400 sqft $89-94 ARV Asking $64,875.00 Will go to $61,000 if necessary.

http://charlotte.craigslist.org/reo/4800790030.html NEEDS TO MOVE ASAP NOW!

13801 Mayes Rd Huntersville Vacant/probate Needs $16,000 - $20,000 1,328 sqft. contemporary ranch Brick fireplace w/woodstove Built 1983 3/2 Central A/C New windows and roof. Detached one car garage w/carport and wood shop. Large deck in back. 1/2 acre wooded behind. Building lots near by go for $100K/2 acre. $187,000 - 202,000 ARV Hard to comp because of all the expensive properties close by. Asking for now $112,000 https://charlotte.craigslist.org/reo/4855685841.html

Ready to go under contract;

Concord 1,228 sqft 3/1 vacant two months rented @$400/mo but area supports $600-700/mo. Corner lot Solid Good roof and vinyl siding Comps $50-56 & 60K Needs work to get $700/mo. $5,000? Asking $37,500

One just came in south of Monroe out in country 1,200 sqft. ranch New kitchen floor, granite tops 1 acre $25K repairs $80K ARV Asking $28,000

Concord 1/1 836 sqft Needs $4-5K work Rents go for $500-600/mo Good neighborhood.

Concord south in country 1650 sqft brick ranch Central A/C Built 1950 Solid but needs work $25-32K 2.5 acre Garage under Detached two car garage Out buildings Fireplace in knotty pine paneled room $157-160 ARV May ask price $105K but if doesn't move, maybe could go as low as $85-90K

We have three different wholesale deals in the Charlotte area.  One in Concord,$53,550.  One in Gastonia, $64,875 and one in Huntersville, 140,000.

Anyone have a recommendation for flat fee MLS service? Anyone use this service and how have they found it compared to putting it on craigs, zillow, etc.... or target investor buyers

Thanks. Just desperately looking for any creative alternative. It's 25,000 - 28,000 below ARV and is move in condition! Upgrades could be used but none the less it's ready to live in, clean and usable. Can't figure why we're not getting cash buyers!

OK.  I got a property under contract for a cash sale purchase.  My intent is to assign the contract to the end buyer.   I have a buyer offering to purchase as a lease option.  My buyer wants cash.  

Is there anything that can be done with this?

Try Cameron Dunlap.  Google him.  

The one in Gastonia is rented.  Currently @ $750/mo.  Was $800/mo. but tenant moved out and owner wanted someone there for the winter ASAP so he reduced it to get someone there. 

The one in Concord is vacant two years due to a death.  Is move in ready and in excellent shape.  Rent next door is $700/mo.  This could be rented immediately.

Links to properties.  We're asking for cash offers.  All are considered.

https://charlotte.craigslist.org/reo/4794045390.ht...

http://charlotte.craigslist.org/reo/4800790030.html 2881 ebony ave Gastonia, NC 28054