All Forum Posts by: Dedrick Williams

@Ian Walsh Thanks

@William E. Thanks for the info William. They are single family homes in the sunny side area built in the 1960s. I’m not sure if the modifications where approved but that would be something I would look into. From the pictures all three are almost turnkey. There is minor cosmetic work needed on the exterior. Interior is ready

@Robert Biggerstaff Thanks Robert

@Dennis M. Thanks Dennis

@John Chapman Thanks for your comment John. I’m not trying to force a deal but I know in some situations you can negotiate a deal in your favor

@Thomas S. Thanks

Hi everyone on BP. I'm in seek of an idea on how I can turn a bad deal into a good one. This is the situation. There is a landlord here I'm Houston that has three turn key properties for sale. They where once 3 bedroom 1 bath single family homes. He converted them into 5 bedroom 1 bath homes. He is renting them from 1400-1500 per month but they are not in a good area of town so he has only section 8 tenants. A regular tenant will never pay that amount for the area. Comps are 800-900 a month. He wants to sell but he wants way to much. He's asking 99k for a 65k house and he is very stuck on this price point. He already had one bank financed loan fall threw after the bank ran the appraisal. These homes have been on the market for 110 days and the agent says if he can't get a buyer at the price he wants, he will continue to rent them to section 8 tenants. 

Here's the deal, I want these properties because they are in a gentrification area and I think if he is presented with a reasonable cash offer for all three properties and I can solve his current tenant eviction problem he may go for it.

I will greatly appreciate any thoughts or comments

Thanks

@Prince Gammage Have your agent put a inspection contingency in the contract so if anything that comes up during the inspection you can’t handle you can back out of the deal.

Thanks for the info Kevin

@Kirk Perecich Do a google search for “fha and real estate investors” scroll down and you will see a whole article about this topic under investopedia.