All Forum Posts by: Chavis Atkins

Mmmm, never heard of a "Shorewood Forest" in Schererville, IN. You must be thinking of Valparaiso, IN area. My ARV is on point, I been doing this for awhile now and run my comps.

Hi, I have a property in Schererville, IN that I'm looking to get under contract that is a 4 bedroom home around 2700 sq ft with a partial basement of 800 sq ft. This home is worth between 230 to 250k and the purchase price I got it down to is 70k. The problem is this home is unique to me in that the foundation has been sinking into the soil for some time. A structural engineer came out and in conclusion said this "Based on the findings in the borings and the assumed foundation type (shallow footings), the structural distress is the result of the underlying moist organic soils. These strata consolidated under the structural loads of the house. If the owner elects to repair the existing structure, an underpinning system (push piles) must extend below the organic strata into competent bearing soils. The depth must be sufficient to carry the structural loads as sell as to overcome the effects of negative skin friction (downdrag) from the fill and organic soils."

The house has the issue on the slab side of the home; where the chimney is at. Inside the home you can see the home has sunk some in the area closest to the chimney. My questions are concerning the cost to repair a house that has slanted doorways and warped flooring. I figure that if the foundation guy I'm sending out there can fix the foundation plus provide the solution to the soil problem that the home will straighten. House was built in 1976. I'm looking to make a profit of around 40k on the home as it will be a easy sell after its rehabbed in the area it is at. Including realtor fees, taxes, closing costs... the typical holding fees, I'm looking at if the house sold for 240k, profit 40k, 25k holding costs and purchase amount 70k that leaves 115k for rehab. I'm hoping the cost to fix the foundation and straighten the home won't be more than 50 to 60k as I believe it will be around 50k to update the home. I included a link to a 2 videos of the inside of the home. https://www.dropbox.com/sc/sh4zlxvwa0d4lkf/AABspO_RMt9zklyNBUQzjNwga

I got 2 properties I want to sell and they are both 3 bed 1 bath properties with one that has a unit in the back which is a 1 bed 1 bath. I know there are plenty of people buying in South Hammond but these two properties I got are North Hammond downtown and they are already rented making 1600. Anyone on here interested in cash deals or seller financing half of purchase price down?

Bump

Alright, well I have 2 homes that I want to put under contract as the owner has given me the terms he want and I want to shoot this out to buyers but I'm not quite sure if I have it structured right.

CURRENT OWNER PROPERTY CASHFLOW (MONTHLY)

$1,600 Gross

$400 Taxes

$120 Insurance

$200 Maintenance/Vacancy Expense Budget

$880 Net per month (While keeping back unit renter as a universal handyman for free labor while he gets free rent)

POTENTIAL CASHFLOW [(MONTHLY) INCLUDING RENTING BACK UNIT]

$2,000 Gross

$400 Taxes (2,400 a year per home divided by 12 months)

$120 Insurance

$200 Maintenance/Vacancy Expense Budget

$1,280 Net per month

PROPERTY SALE

$72,000 Sale Price

$30,000 Total Down Payment

$5,000 Assignment Fee to Calai Investments

$42,000 Mortgage on both properties

Ultimately the owner wants to sell both homes all cash for 66k. But I gave him the idea of doing a seller finance and he wanted at least half down of the purchase price. I think I could get him to go 5k less than what he wants down but I never sent out a seller finance deal before so I'm not sure if how I got it setup is right for the buyer. 

1 property is a 3 bed 1 bath with basement... no garage but does have AC and the other property has 2 units: 3 bed 1 bath in front with basement and 1 bed 1 bath in the back. Owner willing to do 4% on the mortgage amount. Thing is too the owner wants like 900 a month as well and with the expenses that leaves the buyer with little unless he rents out the back unit. All the units are occupied currently but the back unit of one has a deal with the current landlord. Any more information on these homes needed to help me structure this right just ask. 

Hi BP,

I have a situation that I want to obtain a property that is in really bad condition but will make a great profit after rehabbing it. The owner of the home died just this February 2015 and he was dealing with cancer so he wasn't able to do anything to maintain the home; reason for its condition. Anyway, I was able to find out that the owner had no will and he had no wife or children. The parents of his are still alive and he has 3 siblings still alive.

Problem is that the family don't want anything to do with the home. They refuse to do probate or open estate. So story goes, I get in contact with the father of the deceased. I find out that the parents sold the home to their son back in 2009. They outright tell me they want nothing to do with the home. They tell me they have a son that lives in Indiana where the property is located in Hebron, IN; the home is in Merrillville, IN. I get in contact with the wife of the son and for 2 months I'm sending messages through the wife to the husband (brother to deceased) of how we can go about them getting to sell the home to me. Meanwhile, I'm getting from the wife that the brother is weary of wanting doing anything because he don't want to have any liability and everyone else in the family believes it is worth it to just let the home go to tax sale. Thing is the home is only behind one installment for the spring.

I outlined to them that they can do a survivorship affidavit that will give the parents ownership without going through probate in order for them to sell the home to me and all the brother says is they will consider it. Another month goes by and we are where we at now. I have given to the family every bit of information they need so they can work with me so I can obtain the home. In the end, they come up with the decision that simply they don't want anything to do with the home, money is not a issue and they will let the home sit there as a potential hazard to the neighborhood and community. No matter what I tried to do, they will not do anything to help me. Not even will they just quitclaim their interest to me so that I can handle the affairs of the home. I never seen anything like this before. I'm asking the BP community to help me with a way I can obtain this home here in the state of Indiana. What can I do to obtain the home fast without letting the home sit there and rack up taxes before the county will finally put it up for tax sale. The family will not help at all no matter what I ask of them. What can I do?

Also this information that I keep getting about going to my title company has lead me nowhere as they simply said probate or Small Estate Affidavit but how do I ensure that when one of them becomes the owner that they will be selling it to me. Have them quitclaim their interest which is none as of now to me and when one of them do get ownership through whatever means them I automatically have that said persons interest so I can do what I want with the home from there?

Thx everyone for their input. Now my next question is it I go the route of Affidavit of Heirship or Small Estate Affidavit for Indiana, the home is worth ARV 110 but the home in its current condition which is extremely bad is no more than 25k. The law for Small Estate Affidavit to bypass probate is that the entire estate must be under 50k to do it. Will they look at the ARV of this home in determining if the home can bypass probate or they will look at the condition it is currently in?

Btw, the whole family DOES NOT want to go thru probate. When I found them their plan was to simply let the taxes rack up on the home and let it go to tax sale. So I'm trying to convince them to let me handle this and they can get something in the process. They cool with that but need me to explain exactly what they will be getting into and what I need for them to do so I can get this home from them without involving court and all that mess.

Thanks @Dave Metsker,

I'll give him a call about what he can do then. I don't want to do anything probate related as that will take too long. As for the other replies I don't quite understand the point in responding to the thread when you didn't read through my entire post. I don't want to have anything with a probate attorney or anything probate related. I want the fastest possible way so that one of the family members can sell the property to me. I still haven't got a clear understanding of this Affidavit of Heirship in this situation. Can someone explain how these Affidavit of Heirships work for this situation for this family if the PARENTS don't want to have anything to do with the property but a sibling is.

Hi everybody,

So I have a home I came across that the owner of the home died and he had no will. He also had no children or wife either. All he has is his parents and 2 brothers/1 sister. All of the family want nothing to do with the property here in Merrillville, IN. I looked at another thread concerning Affidavit of Heirship but don't quite understand how it will work when there is no children or wife to the deceased but his siblings and parents. If all agreed for one of the siblings to handle the affairs of the home and I was able to convince the sibling put in charge of the home to deal with it to do a Affidavit of Heirship, can it be done? 

The original plan for the sibling put in charge to handle this home was him and his wife were going to simply let the house rack up in taxes so the city will let it go to tax sale. They don't want to do a probate process or open estate AT ALL. So I want to find a easier way so that me and my partners can buy the home from this sibling put in charge of the home. Will a Affidavit of Heirship work and how do we go about this?