All Forum Posts by: Mary Spalding

It is in turn key condition, new paint, carpet, appliances. I listed rents alreay.
Roof is 10 years old; good condition; exterior is brick, so not alot of upkeep.
It is in a trendy neighborhood with bistros, art and restaurants and pubs.
The two 2/1 units are on the main floor and the studios below. Each has their own entrance.
Carports only and no grass; he has made the yard low water plants and decortive rock.

Inside there are absolutely no issues. Like I said, turn key.

I guess my question is, if I can get it under contract and he wants 20k down, how long do I have to get that to him and if the deal does not close or I cannot find a buyer, what kind of recourse does he have?

Assessed taxes are 160k for this year. I guess I am not sure how to present this to the owner, so I can market it. Ie: words to use, forms, details I have laid out above.

So, while I think the asking price is a tad high, the rents will have a + cash flow.

Any feedback is appreciated.

Thanks

Thanks Sharad, great advice. I figure if I call and she hangs up, it's not the end of the world. Just brainstorming ideas to keep her on the phone longer or what to leave in a voice message, lol

Sorry; meant to add, he wants 20k down on 30 yr term at 5% interest for his terms.

I have a possible wholesale deal and the owner owns it out right and is offering seller financing.
He is selling it because he has had it 18 years and is tired of being a landlord.
It is a fourplex with two 2/1's and two 1/1 studios
Gross rents have historically brought in $575 for each 2/1 and $350 each for the studios
I am guessing if you go low on the rents, and do $500 each and studios $300, they would be likely to rent easily.

Area is much sought after. Units are turn key. He has rehabbed well and it is ready to go.
He is willing to do seller financing with an asking price of $140,000 and 5% over 30 years with payments approx 670 a month.

He says he is open to folks buying outright or doing his financing, so I felt it is a decent opportunity to look at wholesaling.
I don't really want another rental right now, but would love the opportunity to wholesale it.

How do I present that opportunity to other investors that may be interested? The seller just did not want to deal with a real estate agent, which I am not.

I would love to get it under contract without coming off like an idiot.

Suggestions as this appears to be a decent cash flow option.

Mary

So, as we know if folks are issued a NOD, they will be contacted via multiple sources.
The property I am trying to target looks as if it has decent equity.
My goal is to either: 1. get it under contract and wholesale it
2. get it under contract to sell it via my partner.

I have been taking the new media approach and am ready to dive in and just call, but am a bit chicken on exactly how to present it and ask for a meeting, etc.

I am sure she is being barraged via a bunch of different routes, but I would love to present something via phone she might bite on.
Suggestions???

Where can you find lists for free and clears or absentees? I normally do drive bys for the absentees. But the free and clears.........??

Yes, goog question John T, anyone know what would happen? I assume if it is done through an attorney and payments are made through an escrow company, payments would just continue and the heirs would collect.

Yes?

I beleive if you do the above, the buyers name would go on title if it is owned free and clear by the seller and it would record just like any other property, ie: they are just the bank.

But the recourse of the death is the biggest question for me as well. Great topic, btw!

Sorry Silvio. I am attempting to get the under contract to wholesale or to just bird dog for my partner to list and sell. Yes, they are of the NOD, so as of yet, NO response, so I can always door knock, yellow letter.

Just trying to think outside the box ideas that others may have had luck with.

Any ideas appreciated for a hungry person like myself.

Mary

So, I have a partner and have been given the opportunity to attempt to present to pre forclosure owners in an attempt to get them under contract.

Has anyone had luck in using Facebook as a means to make an initial contact?

I have found 3 pre forclosures owners online and have sent messages, but wasn't sure if folks had more luck calling, sending letters or new media, which someone like me, is very comfortable.

Also, what kind of luck have folks had with getting in touch with heirs of homes that are going to auction. If they have POA, have any of you had luck in getting them to talk to you?

I have a life line to get the auction post poned, but was not sure if anyone has feedback about the above?

thanks much!

Your local REI Club is your best bet and these forums. Honestly. $12,000 is a cash price for a SFH in my book.
Good luck and go big!

Keep asking questions, as everyone here is great to help.

Cheers!