All Forum Posts by: Karim Shah

Hi, i'm wondering what would be the procedure to convert a multi family (duplex) to a single famiy house? Has anyone done this?

Thanks for all the advice. I think i'm going to walk away from this deal, after my dd its not looking too great from my perspective.

Is there anyway you can do a full title search yourself online?

the property i'm looking at has backtaxes and a unpaid water bill. The buyer brought the property at a tax sale and wants to sell on a QCD.

I'm doing my first quit claim deal. I've only done warranty deed purchases, so this one is first. What do I need to look out for? What are the pitfalls?

Kevin,

Are the properties you provide on LC's rehabbed? If so, what level of rehab do you do? Do rehab them for rental standard or owner occupier sale standard?

Ron,

Your absolutely right!

Thanks for bringing this topic back on track!

I agree with Kevin.

@ Financeexaminer, You shouldn't assume that there is some sort of scam going on because of the cash price / retail price. I'm buying bank owned properties with cash, rehabbing them to sell to owner- occupiers. I'm buying properties and rehabbing them for about $25k, but the Market Value is around $50k, so i'll be able to sell on L/C for that amount or i'll take a discount on the price for cash. So I can't see what the fuss is.

@ Kevin thanks for the response much appreciated. I'm working on a house in Inkster which i'm looking to do a L/C. I'm also looking to place a contract on a house in NW Detroit and i'm looking for more option than just a regular sale, if I can't get it. So a L/C looks like a good option.

So where do you advertise for L/C buyers? How do you vet potential buyers?

Kevin,

Thanks for the reply!

Which areas in SE Michigan do you deal with?

What type of price point do you sell properties?

Do you find some areas more difficult to sell property with land contracts?

The $500 payment that you mention is that a credit towards the final purchase price? Or is that the monthly interest payment?

Look forward to hearing from you.

Thanks,

Karim