All Forum Posts by: Sandy Sciales

River Landing Award Winning Golf Course Community I have 2 homes in this simply tasteful mid to upper-class gated community I NEED to sell NOW!

Here is your golden opportunity! Selling at below wholesale prices. These homes have had flooding professional mold and moisture remediation. The cleanup and haul away was swift and immediate.

Your result is a gutted, renovation ready clean and dry home at a bailout price.

Property one: Includes lot 109 & 105 Cedar Point Drive Wallace, NC 28466. Lakefront executive brick home on a double lot. Large Finished suite over the garage with full bathroom remains intact and unharmed. (Ideal for your out of state construction crew to live here for free while renovations are underway?)

Well appointed architectural touches include tray ceilings double sided fireplace with custom mantles; custom molding, enclosed sunroom, and jacuzzi tub. Market Value 329K Year built 2002

Property two: 122 Evergreen Drive Wallace, NC 28466 4 bedrooms, 3 ba, 2 CG ~2500 sqft Lakefront Brick home with french doors and high ceilings. Market Value 310K Year built 2001 Also equipped with an oversized Finished suite over the garage with a full bathroom.

This was such a powerful podcast I had to listen to it twice just to let some of the action verbiage sink in. 

Yes, I realize that, I wasn't clear, is it possible that the first step in the process be that the properties are to be placed in a SD IRA set up with a promissory note to provide seller financing? The repayment of the financing be payable to the seller as a dividend? or other tax free motion since she is of retirement age?

Thank you for your helpful advice, I am considering structuring an offer to a tired landlord who is at retirement age. She owns 20+ properties out right. I thought perhaps I could offer her an incentive to Seller Finance with the help of a self directed Ira. Ex. putting the properties in a self directed IRA LLC. My goal would be that the monthly interest payments go to her tax free? The incentive to commit to seller finance being that if she were to sell them all at once there is a massive capital gain implication.

Is there such a way? 

Thanks for your advice!

Sandy

Arv 321,00 - 345,000 Needs 75-90k of new flooring, cabinets, 2 baths, drywall

This home was flooded during Florence. The professional remediation is almost complete, its certification will be transferred with the home. The 3 Bedrooms and 2 bathrooms upstairs were unharmed. 

• The first-floor level, needs rehab approx. 1300-1500 sq feet includes the master bed/bath, Kitchen great room, laundry, and guest bathroom.
• 2 separate staircases one to the finished apartment upstairs over the 3 car garage, the other set of stairs leads to the 2nd and 3rd bedrooms and full bath (all square footage uptairs were unharmed)
• First floor has been completely stripped, gutted to the subfloor and any water damaged sheetrock was removed (4′ from the flooring). READY for easy rehab!
• All debris has been removed. Some of the upper Maple kitchen cabinets are available if wanted as well as the granite countertops.
• Electricity and water are functional 
• The remediation company is professionally certifying that the home mold and moisture free, and the paperwork stays with the house.

This is an upscale beautiful home, with a landscape irrigation well, and neat features like motion sensor lights in bathrooms, sunroofs, paved patios, 3 season porch, with separate a/c heat unit.

See the link for the community  Riverlanding award-winning golf course community

Details at www.portcitywholesalers.com

Hi Eli,

I also have been contacted by sellers in a similar position. The only saving grace is that on the blocks I am purchasing, the homes are still habitable.

We have been contacted by a seller in Wallace NC. He is asking for less than 50% of the Pre-Florence Comparables. BUT how do I know that the properties in that neighborhood will go back to those pre-Florence comps? 

It's scary to offer money on a house that looks like this...

Pre Florence comps in this upscale gated lakefront community: 340-375 K

Repairs needed           175k

Owner asking              100K

Question is how trustworthy are those comps on this side of the storm. Anyone had any experience wholesaling properties after an act of God like Florence?

THANKS!!

Wouldn't you know the week before we started our marketing here in Wilmington, Hurricane Florence blew in. With that said, we went ahead and went forward anyway. We have had a few calls from sellers who own their homes without a mortgage, which is great but as in the case of the one we are going to see today, have roof damage from fallen trees, which entails at least 5 days of rain into the home.

I plan to wholesale the property, has anyone had any experience wholesaling properties with substantial damage? If so please forward your advice~! 

Thank you in advance~

James