All Forum Posts by: Jake Maughan

Got it.  This is why I'm a part of bigger pockets.  You guys are infinitely smarter than I am.  Thank you all!

Perhaps more information would be beneficial for this conversation.  

This condo is part of a 55+ community development in Utah County where all the condos are essentially the same.  There are currently two condos on the market listed for $264,900 and $249,900, one under contract at $249,900, and seven that have sold within the past nine months at $263,000, $225,000, $257,000, $245,000, $243,000, $252,900, and $247,000, two of which sold in last month ($243,000 and $245,000).

Does this change your opinion @Brent Coombs, @Wayne Brooks and @Thomas S.?  

This seems like a really good deal, so I'm wondering what I'm missing.  

@Brent Coombs and @Wayne Brooks your input is super appreciated; however, could you expound a bit? I'd be $200k into the property and could sell it for between $225k and $250k. Are you estimating that closing, carrying and rehab costs will possibly amount to $20k - $50k?  Other than the smell of smoke, the condo is in great condition, so I estimated just the cost of new carpet and paint.  Am I off base here?

I've got a real doozy of a deal that I need advice on.  

Long story short - A relative of mine has gotten into financial trouble and will shortly file for bankrupt.  He's moving out of his condo in Springville, Utah and a few family members have approached me asking if I'd like to buy it.  While doing my research I discovered that during hard times, my relative reached out to an associate of his to help cover some costs (including the down payment).  To persuade the associate to continue helping with payments, my relative signed the deed over to his associate (who is an experienced real estate investor himself); however, my relative still has a loan on the condo for $150k.  I called his associate and learned that he's into the property about $45k and would gladly sell it to me for $50k. 

Has anyone heard of a situation like this?  How do I go about buying the property?  The associate owns the deed, but my relative has a loan on the property.  I called my mortgage lender and he hadn't heard of anything like this before. 

BTW - I found some comps and believe I could do a little rehab (the apartment was smoked in and stinks) and sell it for between $225k and $250k.

Any help would be much appreciated!

Ogden and Provo aren't super close.  Are you commuting?

I'm in your same boat.  I've got cash, but no deals.  Talking to local investors, I've been told that "You can’t expect to have cash flow when you buy a house or condo anymore. You only buy for future appreciation and tax deduction."

That's great.  I'm excited to see your progress.  We should definitely get together sometime and talk real estate. It seems we're in a pretty similar stage right now.

@Michael Madsen Welcome.  Are you looking in Utah County or a specific city nearby?  What have you seen from the market so far?

I own a home in Springville and I'm looking to purchase a multi around my home.  I know a great handyman here: It's L and H Handyman Services. (801) 687-1010 (you can also check them out on Facebook).  

Hi @Ben Clayton 

I'm somewhat new here and just saw your post.  I have a few recommendations if you're still looking.