All Forum Posts by: John Horner

CONGRATS!

I'm exhausted just from reading what you had to go through!

As Sean Terry says, way to be TENACIOUS!!!

To be honest it may just be easier to get your license. I have considered it simply to have access to the mls. Local community colleges here offer all 4 classes for about $1500 total. May be worth it!

For starters, in most states you need a RE License to manage other peoples properties. Check your states regulations first!

I actually just had a long discussion with a local realtor/friend who worked expired listings for a long time when the market was down. He said that he literally needed to get to their house the day that it expired and convince them that he could do better then the last realtor. He said mailing to them doesn't typically work as many of them had piles of letters from investors, whoelsalers, etc.

The fact is that the majority of people who's listing expired just re-list with the same realtor, so if you don't reach them quickly you'll lose out.

He said that he used to get a couple of deals from this, but it was very time intensive and ultimately not worth how much work it took.

Now this is just one realtor in one city, but I wanted to share what I had found out doing my own research!

I'm with Bryan H., you said yourself he owes more then it's worth. Unless you are trying to short sale, there's no deal here.

Why cap it at $2500? If it is really worth $150k, and $20k in repairs, you should be able to sell it to investor for $85k. Give them a deal at $82,500 and pocket $10k.

I know when starting out you don't want anyone to think you're taking advantage of them. You don't have experience and don't think you're worth the $10k payout, but it's all about the numbers. If the property is still a sweet deal at $85k, why not take advantage of that?

I would hold off for now. Central heat and air plus ductwork costs about $6k-$8k in my neck of the woods. That's going to greatly decrease your ash flow for a rental. What's the hurry, wait until you're ready to sell then install and recoup your investment. IMHO.

Crime is actually surprisingly low in blacklick estates. I've researched some rentals there because of the cash on cash return. That being said not so good for a fix and flip.

Thanks for the response! Keep us updated if you learn anything from you real estate attourney!

So I did some research, what about equitable interest?

It just doesn't sound like anything can stick.

In an assignment, like you said, you are marketing the contract, not the property.

In a double closing, you actually take ownership, if only for a few seconds, and it is legal to market your own property.