All Forum Posts by: Chris Gould

Price: $65,000

ARV: $121,000

House in ready to go and in an area with lots of recently sold homes. 

Repairs estimated at $12,000. Need new carpet and cosmetic work/paint. All appliances work. 

Comps: 

Sold 5/17/16 - $135,000 - 3 beds 2 baths 1,100 sqft - 5924 Benjamin St, Alexandria, LA 71303

Sold 7/25/2016 - $125,000 - 3 beds 2 baths 1,875 sqft - 5608 Benjamin St, Alexandria, LA 71303

Sold 5/19/16 - $103,000 - 3 beds 1 bath 1,186 sqft - 5707 Hall St, Alexandria, LA 71303  

The property is subsidized by a government program called Unity which pays a portion of the rent for handicapped persons. The home is outfitted for handicapped persons (has a wheelchair elevator) and is also raised as to prevent flooding. Unity has high standards for it’s residents so this home is in good condition. The house is also outfitted with solar panels.

Monthly rent is $1,150 with $750 of that is paid by Unity. The program coordinator told me that there are 30 people on the waiting list for houses through this program. The current tenants have a lease that is expiring on September 30th, but it could be extended if desired.

Comps: 

5034 Dreux Ave,

New Orleans, LA 70126

3 beds 2 baths 1,290 sqft

Sold 6/3/16

$135,000

2424 Pressburg St,

New Orleans, LA 70122

3 beds 2 baths 1,295 sqft

Sold 5/31/16

$175,000

5514 Wingate Dr,

New Orleans, LA 70122

3 beds 2 baths 1,351 sqft

Sold 6/17/16

$149,000

I have a house under contract in New Orleans, Louisiana that is subsidized through the Unity program. They pay $750 of the $1150 monthly rent. This is a program to assist disabled persons. I am wholesaling this property. 

What has everyone's experience been working with subsidized homes for the disabled? I spoke to the coordinator and it seems like a good program for buy and hold investors. 

Thanks,

Chris

I have a house under contract in Toledo, Ohio that I'm looking to wholesale. Just received the signed contract back and I've started marketing the house to investors in the area. The homeowner then asks me when we can close by even though September 30th was listed on the contract. I said mid-September and she gets mad saying she thought we would be closing sooner than that and that she had "verbal cash offers" from other investors. 

How should I handle this situation? And in general, when wholesaling, what is the best reasoning to give for a 2 month closing window? 

I want to be honest with these people and set realistic expectations for the process. 

Thanks BP. 

Also, the house in New Orleans has it's rent subsidized by a program called Unity for disabled persons. The rent is $1149 a month and $749 of that is covered by this program, Unity. The lease is due to expire on September 30th but the buyer of this home could possibly renew that lease with Unity. The home is raised as to prevent flooding and has a specialized elevator for disabled persons. 

Owner recently moved and house is ready to be sold asap. Needs new carpet and paint. 

$15,000

Comps:

4222 Asbury Dr,

Toledo, OH 43612

2 beds 1 bath 960 sqft

Sold: 5/23/16

$39,900

249 W Capistrano Ave,

Toledo, OH 43612

2 beds 1 bath 759 sqft

Sold: 6/6/16

$34,000

2 E Crawford Ave,

Toledo, OH 43612

2 beds 1 bath 683 sqft

Sold: 5/31/16

$33,000

Thanks all for your interest. 

Property in Alexandria selling for $65,000 (53% of ARV). 5029 Benjamin St. Alexandria, LA 71303

Property in NOLA selling for $78,000 (65% of ARV). 4215 Mendez St. New Orleans, LA 70126

I have two properties in Louisiana under contract and am looking for local wholesalers to partner on deals with me. Houses are in Alexandria and New Orleans. 

Thanks,

Chris

I should also note that the tenants are paying month to month with no lease in place. And they are underpaying by 70% of market rate for rent. 

Hi BP, 

I have a house under contract in Indiana with several interested buyers. 

The owner of the home said the tenants (his sister-in-law) were cool with him selling the house. Then after signing the contract, I tried to set up a visit with my cash partner and the tenants suddenly decide to not move out. 

They are telling the homeowner that they'll keep paying rent until the house is paid off (the rent was paying the mortgage on the home). It's a touchy family situation because the homeowners' wife died and he's not really apart of this side of the family anymore. 

In short, what are my options? The house is ready to go and I want to get rid of it but these tenants are giving me a headache. I'd like to avoid getting an attorney/sheriffs involved. 

Thanks,

Chris