All Forum Posts by: Shawn Dandridge

Charles,

I made an offer of $500 and the buyer initally told me to "have a nice day" then 30 seconds later (literally) called back and said could I draw up a contract. Not sure what to think of the whole ordeal actually. Will be putting a 60-90 day due diligence contingency in the contract to make sure everything checks out with local officals, code enforcement, check liens, ect.

Philip I am currently looking for an appraiser to work with, maybe we can chat sometime?

Are there any other funding instruments I could use out there, instead of the traditional HELOC, cash out refi, could I possibly get a personal loan pledging the home as collateral? I don't believe seasoning is needed at that point.

Yes I mean tax assessment.

I am in Memphis, I posted previously about a property that has been unoccupied for atleast the last 5-6 years. I am thinking about making an offer of $500 on the property. It appraised for 25K this year. I am looking for a HELOC with no seasoning to take out against the property. Is there any lender out there that will do this?

I plan to be in the city at the end of June so I will have a contractor come out there and see what he comes up with. I will keep you guys posted.

I really thank you guys for the speedy replies. I didn't know Code Enforcement had fines and what not! WOW! This is adding up to be costly already! I will investigate more. I am thinking about submitting an offer to the owner, what type of contingencies do you guys think would be in order?

Hello All,

There is a home in my grandma's neighborhood that has been abandoned, vandalized, and empty since the previous owner died, about 6 or 7 years ago. It is completely overgrown and I have no clue what kind of structural shape the house is in. I do know copper, fixtures, ect were stripped from the house.

I finally tracked down the owner who lives out of state. I told him I would offer him 3k for the property as a starting price basically but I believe I should be MUCH lower, like right around the 500 range. I want the house but I don't want to kill the deal at the same time.

The repairs WILL be major and I anticipate atleast 15K for repairs but I should be able to get rental rates in the neighborhood of 800 or 900 via section 8. It's a 2 bed 1 bath in the 38126 zip code of Memphis, TN. The assessor appraised it at 24k this year even in this state. 2 years of property taxes are delinquent on the property as well but only amount to about another $500 I believe. I know that several Code Enforcement violations have been filed against it also making it an uninhabitable property.

Lastly, would I be able to borrow against the massive equity I would have in the home immediatley to do rehabbing or would I still have to wait 6-12 months for seasoning? Any advice from the pros on this board? Thanks in advance, I know alot of information to swallow but you guys are pros!

John,

Will PMC finance properties in TN as well?

Does anyone know of any big influx of sub prime loans resetting within the next 18-24 months and if so, do yo guys believe that foreclosures will spike again over the next 2-3 years. Possibly around 2009 levels?