Sabertooth
Footballguy
I close on a Bank owned property on April 15th. Hmmmmm.......
I've got one under contract as well.I close on a Bank owned property on April 15th. Hmmmmm.......
Get a partnership agreement written up and pass it by an attorney and an accountant.They'll have much more insight and potential pitfalls.Good luck.Need help with tax implications. I'll try to be brief.We have the house (unless it goes to someone else first) for $20K.Needs $40K to rehab, close twice, carry.I will buy this for for cash. My partner will pay for rehab. We will both be on the title.Once completed (four weeks), I will refi entire project and he will QC on the title making me 100% owner ant mortgagee. His angle is that part of the $40K mentioned above is $5,000 I am paying him for his money, time, and rehab contacts (I do not have skillz).The question for me is how I consider this for taxes? Is this simply a purchase that I made for $60K with that being my cost basis? Any other present-year tax issues I should know about if I do this?Thanks for reading.
Any wording about giving you "clear title"? If yes, you have an out. Don't pay them a dime if it says that (or at least defer the payment until then).If it does and you already paid them, ask them to fix it or expect a lawsuit.Friggin bank sold me a property they dont even own yet. Gonna take a while to get possession.Got this place under contract last week. It's in a very established "starter home" neighborhood and should resale for mid 90's fairly easily (last sale was for 95K in 05). Its listed as 900sf 1ba but is actually 1400sf 2ba. Its a coinflip on how the agents list that model.
This is going to be our quickest flip yet. We should easily have it turned inside of 8 weeks. Someone had already started updating it, removing everything (cabinets, lights, fixtures) and put in new tile in the kitchen and 1st floor bath. Also put in new windows . Biggest project is going to be undoing their renovation of the garage into a dining room. Its horrible and according to my realtor makes the house harder to sell.
Also got the last flip sold pending inspection. Should know how that turns out next week.
Get an attorney or title company to do the closing.Get an appraisal (<$500) for the value.So I'm working on a re-location, and want to begin the process of putting my house on the market as soon as my offer letter comes in and everything is in order, which should by next week or so. I have a few things which really need to be done first, including replace rotten wood in gables, exterior paint, re-do bathroom (in process of right now), and a few other minor projects which need to be done. I probably need to spend about $5K to get the house to a level where I can get top dollar for it.I was talking with my neighbor yesterday, and he mentioned that his kids might be interested in buying the house. That would be ideal for them, as they are over there all the time anyways - I think my neighbor babysits the grandkids during the day, etc.I'm thinking that if I have a buyer lined up before putting it on the market, I might not have to finish up these projects - I maybe can just knock $5k off of the price and let them finish up all of these things. Bottom line is I would save myself the Realtors fees and the headache and hassle of putting it on the market.If I should go this route, any tips/recommendations on how to handle the sale? How would this work? How does one establish a fair market value? I don't want to rip them off, and I don't want to give the house away, either.TIA
Consider this - just sell it "as is" and take $20K profit off what you've already invested.That might be a better deal.Cool, hope all goes as planned.How much of the 25K would you say you are paying by hiring out the work? Or asked another way, what would you guess you would have in it if you did all the work yourself?Closing got bumped out to the 15th of April. In a holding pattern. I have a lot of the work lined up though. I expect to put about 25k into it, giving me about $50k total in it. Then I believe it will sell for around $80k. So after realtor fees and stuff, probably about 73k left over. So $23k in profits give or take. I am going to shoot for $25k in profits though.Sabertooth - you start your rehab yet?
Jeff, how long would you suggest I try to sell it for? I'd like to sell it this year and if I sit on it too long, it won't be ready.Consider this - just sell it "as is" and take $20K profit off what you've already invested.That might be a better deal.Cool, hope all goes as planned.How much of the 25K would you say you are paying by hiring out the work? Or asked another way, what would you guess you would have in it if you did all the work yourself?Closing got bumped out to the 15th of April. In a holding pattern. I have a lot of the work lined up though. I expect to put about 25k into it, giving me about $50k total in it. Then I believe it will sell for around $80k. So after realtor fees and stuff, probably about 73k left over. So $23k in profits give or take. I am going to shoot for $25k in profits though.Sabertooth - you start your rehab yet?
Let me see here.You're buying for $25K, right?$25K of work (estimated)?Why not try and sell the contract for 10K, or craigslist it for 40K or so?See who comes a-calling.Also pass it around the local real estate club.I don't think you should just sit on it for months - not at all - but if you can get a deal done and not lift a finger / hammer for repairs, I'd strongly consider that. $10-15K profit, guaranteed and today, is worth more than $25K in 3-4 months. I promise you that.Jeff, how long would you suggest I try to sell it for? I'd like to sell it this year and if I sit on it too long, it won't be ready.Consider this - just sell it "as is" and take $20K profit off what you've already invested.That might be a better deal.Cool, hope all goes as planned.How much of the 25K would you say you are paying by hiring out the work? Or asked another way, what would you guess you would have in it if you did all the work yourself?Closing got bumped out to the 15th of April. In a holding pattern. I have a lot of the work lined up though. I expect to put about 25k into it, giving me about $50k total in it. Then I believe it will sell for around $80k. So after realtor fees and stuff, probably about 73k left over. So $23k in profits give or take. I am going to shoot for $25k in profits though.Sabertooth - you start your rehab yet?
Its just under contract, no closing set yet. I did receive a fax from they're escrow agency yesterday stating I will receive title insurance paid for by the bank.Any wording about giving you "clear title"? If yes, you have an out. Don't pay them a dime if it says that (or at least defer the payment until then).If it does and you already paid them, ask them to fix it or expect a lawsuit.Friggin bank sold me a property they dont even own yet. Gonna take a while to get possession.Got this place under contract last week. It's in a very established "starter home" neighborhood and should resale for mid 90's fairly easily (last sale was for 95K in 05). Its listed as 900sf 1ba but is actually 1400sf 2ba. Its a coinflip on how the agents list that model.
This is going to be our quickest flip yet. We should easily have it turned inside of 8 weeks. Someone had already started updating it, removing everything (cabinets, lights, fixtures) and put in new tile in the kitchen and 1st floor bath. Also put in new windows . Biggest project is going to be undoing their renovation of the garage into a dining room. Its horrible and according to my realtor makes the house harder to sell.
Also got the last flip sold pending inspection. Should know how that turns out next week.
We don't have an REI club as far as I know. I live in rural upper Michigan. But I could run an ad for it and stick it on craigslist I suppose. What could it hurt?Let me see here.You're buying for $25K, right?$25K of work (estimated)?Why not try and sell the contract for 10K, or craigslist it for 40K or so?See who comes a-calling.Also pass it around the local real estate club.I don't think you should just sit on it for months - not at all - but if you can get a deal done and not lift a finger / hammer for repairs, I'd strongly consider that. $10-15K profit, guaranteed and today, is worth more than $25K in 3-4 months. I promise you that.Jeff, how long would you suggest I try to sell it for? I'd like to sell it this year and if I sit on it too long, it won't be ready.Consider this - just sell it "as is" and take $20K profit off what you've already invested.That might be a better deal.Cool, hope all goes as planned.How much of the 25K would you say you are paying by hiring out the work? Or asked another way, what would you guess you would have in it if you did all the work yourself?Closing got bumped out to the 15th of April. In a holding pattern. I have a lot of the work lined up though. I expect to put about 25k into it, giving me about $50k total in it. Then I believe it will sell for around $80k. So after realtor fees and stuff, probably about 73k left over. So $23k in profits give or take. I am going to shoot for $25k in profits though.Sabertooth - you start your rehab yet?
I should probably start an index or something, but this is a major thing to keep an eye on:Real Estate Clubs (CRE Online)Sabertooth said:We don't have an REI club as far as I know. I live in rural upper Michigan. But I could run an ad for it and stick it on craigslist I suppose. What could it hurt?Let me see here.You're buying for $25K, right?Jeff, how long would you suggest I try to sell it for? I'd like to sell it this year and if I sit on it too long, it won't be ready.Consider this - just sell it "as is" and take $20K profit off what you've already invested.That might be a better deal.Cool, hope all goes as planned.How much of the 25K would you say you are paying by hiring out the work? Or asked another way, what would you guess you would have in it if you did all the work yourself?Closing got bumped out to the 15th of April. In a holding pattern. I have a lot of the work lined up though. I expect to put about 25k into it, giving me about $50k total in it. Then I believe it will sell for around $80k. So after realtor fees and stuff, probably about 73k left over. So $23k in profits give or take. I am going to shoot for $25k in profits though.Sabertooth - you start your rehab yet?
$25K of work (estimated)?
Why not try and sell the contract for 10K, or craigslist it for 40K or so?
See who comes a-calling.
Also pass it around the local real estate club.
I don't think you should just sit on it for months - not at all - but if you can get a deal done and not lift a finger / hammer for repairs, I'd strongly consider that. $10-15K profit, guaranteed and today, is worth more than $25K in 3-4 months. I promise you that.
I haven't read down to see if any other comments are on this.This has been kicked around a bunch, at first it was actually going to be a Grant, now it will be a Tax credit at best. As it stands now, it is only Owner Occupied.Anyone know anything about this?
LinkThe plan also contains $4 billion in grants to local governments to buy and refurbish foreclosed homes, new authority for states to issue bonds to be used to refinance subprime mortgages — those made to borrowers with poor credit — and a $7,000 tax credit for people buying properties in foreclosure.
Wow, I finally close on this thing on April 15th. It has been two full months since I put my bid in. Pretty surprising it took this long to close. I mean, I've been willing to write a check for over 90 days now. And we wonder why the banking industry is in such dire straits.Put a bid in on Friday for this place. Tax appraised value is currently $70k. Looking to do the following and then flip it. Good neighborhood that I know pretty well. Lots of 65-85k homes in the area. Nice big lot. May even be able to split it up and keep the other lot.
Repaint or reside it. Siding is in really rough shape.
Roof
Windows maybe
Kitchen is small and old. I may be able to seal off a wall and make it much bigger. Would install new cabinets and countertops.
Bathroom needs updating, but not necassarily gutting and rebuilding.
Staircase is almost like a ladder. Will probably build a new staircase.
Basement just needs cleaning.
Looking at a budget of about 30k to do this work.
Questions and comments welcome.
Hey, I remember this thread. How long to realize that "later" part?Time value of money and a classic question.If you're actively finding more deals, I'd take the early money most of the time and get another deal."Pigs get fat, hogs get slaughtered." There's a lot of slaughter going on right now.If you can find another deal to be worth more than a "later" scenario, take the money up front. Money up front is almost always better than money later. Time value of money.Also - does the lot currently exist, or must it be created? How long will that take?If I can make 50% up front of what I'd make if I took the deal to the end, I'd take the money up front every time.I guess the decision for me comes down to this: Conservatively the lot is worth $11k.Is $5k + lot now better than $13k?Is $5k + lot now better than $15-19k + lot later?
Wow. Great situation for you. Consider taking the deal for the following reasons:No contractors to deal withNo realtors to deal withNo inspectors to deal withNo buyers to deal withNo appraisals to deal withNo holding costsAbsolutely no headache for youThese are easily worth giving up 50% of the profit right now.That said, I'd still counter with what you want. He most likely didn't come at you with his "best" offer. See where he stands but don't lose this guy.Another way to look at this is you can make $5K in a day or possibly (keep in mind there are lots of things that could eat away this margin) $10K-$15K in what 12 weeks?I would love to have this situation on one of my flips. Matter of fact, my brother and I have considered putting a FSBO sign in the yard the day we take possession in hopes of getting someone interested before we go to market.The lot would need to be "created." It is currently a 100x140 lot. It would be split into two 50x140 lots. If I can keep a lot, and make $5k right now, that is what I'll do. My problem comes if he insists on not splitting the lot. If he won't do the deal without the extra lot, do I let him walk? Or do I pocket his $5k? I figure I can make $5k easy right now. Or I can make $10-$15k later (after a lot of work) and still own the lot. Like I said, if I can make some cash and keep the lot, it is like having my cake and eating it too.
Now you're getting it.Wow. Great situation for you. Consider taking the deal for the following reasons:No contractors to deal withNo realtors to deal withNo inspectors to deal withNo buyers to deal withNo appraisals to deal withNo holding costsAbsolutely no headache for youThese are easily worth giving up 50% of the profit right now.That said, I'd still counter with what you want. He most likely didn't come at you with his "best" offer. See where he stands but don't lose this guy.Another way to look at this is you can make $5K in a day or possibly (keep in mind there are lots of things that could eat away this margin) $10K-$15K in what 12 weeks?I would love to have this situation on one of my flips. Matter of fact, my brother and I have considered putting a FSBO sign in the yard the day we take possession in hopes of getting someone interested before we go to market.The lot would need to be "created." It is currently a 100x140 lot. It would be split into two 50x140 lots. If I can keep a lot, and make $5k right now, that is what I'll do. My problem comes if he insists on not splitting the lot. If he won't do the deal without the extra lot, do I let him walk? Or do I pocket his $5k? I figure I can make $5k easy right now. Or I can make $10-$15k later (after a lot of work) and still own the lot. Like I said, if I can make some cash and keep the lot, it is like having my cake and eating it too.
Give us a update/progress report when you get a chance.Also, anyone seen Mike?The lot would need to be "created." It is currently a 100x140 lot. It would be split into two 50x140 lots. If I can keep a lot, and make $5k right now, that is what I'll do. My problem comes if he insists on not splitting the lot. If he won't do the deal without the extra lot, do I let him walk? Or do I pocket his $5k? I figure I can make $5k easy right now. Or I can make $10-$15k later (after a lot of work) and still own the lot. Like I said, if I can make some cash and keep the lot, it is like having my cake and eating it too.
Here is an update. I went to get the survey done today. Surveyor tells me that I only have 50 feet. We look through all the closing papers and apparently the city taxes it as one lot. But their are two deeds. So I don't know where I stand right now. I called my realtor back and got him working on it. I asked both the selling and buying agents personally whether I was getting both lots. Both said yes. I don't have that in writing, I took them at their word.Give us a update/progress report when you get a chance.
Also, anyone seen Mike?
Did you call the title agency? I'm not sure the realtor is going to get anything done on this, they really only care about getting the papers signed. I would be on the phone with the title agency or RE lawyer that did the title search.Any word on the guy that offered you cash for the property?Here is an update. I went to get the survey done today. Surveyor tells me that I only have 50 feet. We look through all the closing papers and apparently the city taxes it as one lot. But their are two deeds. So I don't know where I stand right now. I called my realtor back and got him working on it. I asked both the selling and buying agents personally whether I was getting both lots. Both said yes. I don't have that in writing, I took them at their word.Give us a update/progress report when you get a chance.
Also, anyone seen Mike?
The taxes are asses as the West 50 feet of the East 100 feet of the lot.
Now the taxes note says this: The West 100 feet of the lost (Taxes cover additional land).
So what do you think? Am I screwed? Can I go after the two realtors on the deal if I can't get the deed transferred?
I can call the title agency maybe. My realtor had a rocky relationship with them. They won't speak to him any more. The guy that wanted to pay cash gave me his number but then when I called, I never got him to return a call. So I doubt he was serious. I am not calling him again.Did you call the title agency? I'm not sure the realtor is going to get anything done on this, they really only care about getting the papers signed. I would be on the phone with the title agency or RE lawyer that did the title search.Any word on the guy that offered you cash for the property?Here is an update. I went to get the survey done today. Surveyor tells me that I only have 50 feet. We look through all the closing papers and apparently the city taxes it as one lot. But their are two deeds. So I don't know where I stand right now. I called my realtor back and got him working on it. I asked both the selling and buying agents personally whether I was getting both lots. Both said yes. I don't have that in writing, I took them at their word.Give us a update/progress report when you get a chance.
Also, anyone seen Mike?
The taxes are asses as the West 50 feet of the East 100 feet of the lot.
Now the taxes note says this: The West 100 feet of the lost (Taxes cover additional land).
So what do you think? Am I screwed? Can I go after the two realtors on the deal if I can't get the deed transferred?
Here is an update. I went to get the survey done today. Surveyor tells me that I only have 50 feet. We look through all the closing papers and apparently the city taxes it as one lot. But their are two deeds. So I don't know where I stand right now. I called my realtor back and got him working on it. I asked both the selling and buying agents personally whether I was getting both lots. Both said yes. I don't have that in writing, I took them at their word.Give us a update/progress report when you get a chance.
Also, anyone seen Mike?
The taxes are asses as the West 50 feet of the East 100 feet of the lot.
Now the taxes note says this: The West 100 feet of the lost (Taxes cover additional land).
So what do you think? Am I screwed? Can I go after the two realtors on the deal if I can't get the deed transferred?
Do you know a good RE lawyer? Wouldn't hurt to call. Who did the title search?I'm going to say your realtor is going to be worthless, unless you have a really good relationship with them.I can call the title agency maybe. My realtor had a rocky relationship with them. They won't speak to him any more. The guy that wanted to pay cash gave me his number but then when I called, I never got him to return a call. So I doubt he was serious. I am not calling him again.Did you call the title agency? I'm not sure the realtor is going to get anything done on this, they really only care about getting the papers signed. I would be on the phone with the title agency or RE lawyer that did the title search.Any word on the guy that offered you cash for the property?Here is an update. I went to get the survey done today. Surveyor tells me that I only have 50 feet. We look through all the closing papers and apparently the city taxes it as one lot. But their are two deeds. So I don't know where I stand right now. I called my realtor back and got him working on it. I asked both the selling and buying agents personally whether I was getting both lots. Both said yes. I don't have that in writing, I took them at their word.Give us a update/progress report when you get a chance.
Also, anyone seen Mike?
The taxes are asses as the West 50 feet of the East 100 feet of the lot.
Now the taxes note says this: The West 100 feet of the lost (Taxes cover additional land).
So what do you think? Am I screwed? Can I go after the two realtors on the deal if I can't get the deed transferred?
Do you suggest that I call the title agency and request the deed for the other lot? Do I call a lawyer right now? Do I wait for my realtor to get back to me here?
Thats not good.Here is the assessor page.
The two lots in question would be the 1316 and the 1322 lots. The name on the 1322 lot is the previous owner, before foreclosure. The 1316 lot is the one I bought. You'll notice that the 1322 lot has a $0 assessed value, that has to work in my favor.
Interesting.Have you started any work yet?The purchase agreement is for both lots.
I've just secured the home. Boards up two basement windows and barred the back door shut. I don't need any critter getting in there, two or four legged. I'll update the post when I find something out. But I think with the bank owning both lots, and me having a signed purchase agreement for both lots, I should be ok. But I don't know so I have to wait. Until I have that other deed, I will be a bit worried. It's only like $15,000 so no biggie.Interesting.Have you started any work yet?The purchase agreement is for both lots.
Are you putting the project on hold? Also, I thought you said the previous owner still owned the vacant lot?Hope everything works out.I've just secured the home. Boards up two basement windows and barred the back door shut. I don't need any critter getting in there, two or four legged. I'll update the post when I find something out. But I think with the bank owning both lots, and me having a signed purchase agreement for both lots, I should be ok. But I don't know so I have to wait. Until I have that other deed, I will be a bit worried. It's only like $15,000 so no biggie.Interesting.Have you started any work yet?The purchase agreement is for both lots.
I am going to start the project May 12. I took Pasquino's advice and decided to wholesale it. I've listed it in the paper for 12 days. I am not sinking any money into it until the 12th. Then I am hitting the ground running on it. I figure it is a gamble but I think it is wise (taking Jeff's advice seems like a wise move anyway). If I can walk with $3500-$7500 and a free lot worht $15,000 just for shuffling some paper, that seems like a sweet deal. One the assessor's site it says she owns it. But I think because the taxes are combined with the main lot, and aren't collected off of that lot individually, the city may have just forgotten to update the site. It will all sort out hopefully soon.Are you putting the project on hold? Also, I thought you said the previous owner still owned the vacant lot?Hope everything works out.I've just secured the home. Boards up two basement windows and barred the back door shut. I don't need any critter getting in there, two or four legged. I'll update the post when I find something out. But I think with the bank owning both lots, and me having a signed purchase agreement for both lots, I should be ok. But I don't know so I have to wait. Until I have that other deed, I will be a bit worried. It's only like $15,000 so no biggie.Interesting.Have you started any work yet?The purchase agreement is for both lots.
Close on the new property tonight!Trying something new with this. I'm running a FSBO ad this weekend for the house. Since its not in bad shape I'm asking $75K for it as is (it sold 2-3 years ago for $96K and there are others in the hood listed at $100K+.Got this place under contract last week. It's in a very established "starter home" neighborhood and should resale for mid 90's fairly easily (last sale was for 95K in 05). Its listed as 900sf 1ba but is actually 1400sf 2ba. Its a coinflip on how the agents list that model.
This is going to be our quickest flip yet. We should easily have it turned inside of 8 weeks. Someone had already started updating it, removing everything (cabinets, lights, fixtures) and put in new tile in the kitchen and 1st floor bath. Also put in new windows . Biggest project is going to be undoing their renovation of the garage into a dining room. Its horrible and according to my realtor makes the house harder to sell.
Also got the last flip sold pending inspection. Should know how that turns out next week.
I don't see any details on either link. Do you have to be registered on the site to view?I am sure I missed this in this thread somewhere....but I am looking for some basic information on choosing a real estate agent. My wife and I are looking to purchase our first home late summer / early fall.....
I also found the following property.... Whats up with this?? Why so in-expensive. As you can see this is in South Eastern Michigan (45-50min) outside of Detroit... I dont know all of the lingo, but this house looks VERY nice for the price!
http://www.michigangroup.com/homeSearch/De...spx?pID=5748828
this one as well...
http://www.michigangroup.com/homeSearch/De...spx?pID=5717052
Thanks
nope dont have to be registered.... they worked for me... the website is www.michigangroup.com then I search Oceolo Twp in tehe (City Search)...narrow it to 100,00 -140,000 and you should see both...sorry... I am going to check out those links as well...MLS# 28067119Senor Schmutzig said:I don't see any details on either link. Do you have to be registered on the site to view?PRAE said:I am sure I missed this in this thread somewhere....but I am looking for some basic information on choosing a real estate agent. My wife and I are looking to purchase our first home late summer / early fall.....
I also found the following property.... Whats up with this?? Why so in-expensive. As you can see this is in South Eastern Michigan (45-50min) outside of Detroit... I dont know all of the lingo, but this house looks VERY nice for the price!
http://www.michigangroup.com/homeSearch/De...spx?pID=5748828
this one as well...
http://www.michigangroup.com/homeSearch/De...spx?pID=5717052
Thanks
Awesome. I've always wanted to pick up a giant trebuchet for cheap. How much does he want for it?here's an interesting problem. My wife's best friend just got divorced. She and her ex-husband are both on the deed for the house, but neither can afford to live in it any more. Per the divorce settlement, they are to sell it and split the proceeds. She has moved into an apartment, and he is still living in the house. I'm not sure haw the mortgages are being paid right now, or the terms of the mortgages, but I do know that there is a 2nd and 3rd.
Regardless, the listing agent was a friend of the ex-husband and we suspect that he isn't doing anything to actively market the house - in three months, they haven't had as much as a single showing. He doesn't seem real motivated to get out of the house - the house is much nice rand bigger than the single bedroom apt he can afford otherwise. Right now, there is a giant trebuchet being stored in the back yard - not exactly the curb appeal one would want.
Up to this point, she has been happy to start putting her life back together and move on, but now the burden of the house is starting to wear on her. I suppose my advice to her is to seek a new agent, who will actually market the house? What if the ex doesn't agree to a new agent? How does this work? Any of you agents deal with this before? I'd imagine this is not uncommon...
Excellent. You are moving along nicely. I am considering purchasing the Wholesaling kit from Flippinghomes.com, I think that is what you are doing here.Also, I took Jeff's advice and listed the house as-is. I've shown it 3 times today. Hopfully I can get an offer.Close on the new property tonight!Trying something new with this. I'm running a FSBO ad this weekend for the house. Since its not in bad shape I'm asking $75K for it as is (it sold 2-3 years ago for $96K and there are others in the hood listed at $100K+.Got this place under contract last week. It's in a very established "starter home" neighborhood and should resale for mid 90's fairly easily (last sale was for 95K in 05). Its listed as 900sf 1ba but is actually 1400sf 2ba. Its a coinflip on how the agents list that model.
This is going to be our quickest flip yet. We should easily have it turned inside of 8 weeks. Someone had already started updating it, removing everything (cabinets, lights, fixtures) and put in new tile in the kitchen and 1st floor bath. Also put in new windows . Biggest project is going to be undoing their renovation of the garage into a dining room. Its horrible and according to my realtor makes the house harder to sell.
Also got the last flip sold pending inspection. Should know how that turns out next week.
it actually doesn't belong to the ex. It's a second hand trebuchet. I doubt it's for sale though...Awesome. I've always wanted to pick up a giant trebuchet for cheap. How much does he want for it?here's an interesting problem. My wife's best friend just got divorced. She and her ex-husband are both on the deed for the house, but neither can afford to live in it any more. Per the divorce settlement, they are to sell it and split the proceeds. She has moved into an apartment, and he is still living in the house. I'm not sure haw the mortgages are being paid right now, or the terms of the mortgages, but I do know that there is a 2nd and 3rd.
Regardless, the listing agent was a friend of the ex-husband and we suspect that he isn't doing anything to actively market the house - in three months, they haven't had as much as a single showing. He doesn't seem real motivated to get out of the house - the house is much nice rand bigger than the single bedroom apt he can afford otherwise. Right now, there is a giant trebuchet being stored in the back yard - not exactly the curb appeal one would want.
Up to this point, she has been happy to start putting her life back together and move on, but now the burden of the house is starting to wear on her. I suppose my advice to her is to seek a new agent, who will actually market the house? What if the ex doesn't agree to a new agent? How does this work? Any of you agents deal with this before? I'd imagine this is not uncommon...
Bummer. So who is the original owner? Charlemagne?it actually doesn't belong to the ex. It's a second hand trebuchet. I doubt it's for sale though...Awesome. I've always wanted to pick up a giant trebuchet for cheap. How much does he want for it?here's an interesting problem. My wife's best friend just got divorced. She and her ex-husband are both on the deed for the house, but neither can afford to live in it any more. Per the divorce settlement, they are to sell it and split the proceeds. She has moved into an apartment, and he is still living in the house. I'm not sure haw the mortgages are being paid right now, or the terms of the mortgages, but I do know that there is a 2nd and 3rd.
Regardless, the listing agent was a friend of the ex-husband and we suspect that he isn't doing anything to actively market the house - in three months, they haven't had as much as a single showing. He doesn't seem real motivated to get out of the house - the house is much nice rand bigger than the single bedroom apt he can afford otherwise. Right now, there is a giant trebuchet being stored in the back yard - not exactly the curb appeal one would want.
Up to this point, she has been happy to start putting her life back together and move on, but now the burden of the house is starting to wear on her. I suppose my advice to her is to seek a new agent, who will actually market the house? What if the ex doesn't agree to a new agent? How does this work? Any of you agents deal with this before? I'd imagine this is not uncommon...
I really need to do more consulting....Excellent. You are moving along nicely. I am considering purchasing the Wholesaling kit from Flippinghomes.com, I think that is what you are doing here.Also, I took Jeff's advice and listed the house as-is. I've shown it 3 times today. Hopfully I can get an offer.Close on the new property tonight!Trying something new with this. I'm running a FSBO ad this weekend for the house. Since its not in bad shape I'm asking $75K for it as is (it sold 2-3 years ago for $96K and there are others in the hood listed at $100K+.Got this place under contract last week. It's in a very established "starter home" neighborhood and should resale for mid 90's fairly easily (last sale was for 95K in 05). Its listed as 900sf 1ba but is actually 1400sf 2ba. Its a coinflip on how the agents list that model.
This is going to be our quickest flip yet. We should easily have it turned inside of 8 weeks. Someone had already started updating it, removing everything (cabinets, lights, fixtures) and put in new tile in the kitchen and 1st floor bath. Also put in new windows . Biggest project is going to be undoing their renovation of the garage into a dining room. Its horrible and according to my realtor makes the house harder to sell.
Also got the last flip sold pending inspection. Should know how that turns out next week.
Jeff,Dont have an answer for you, just wondering what kind of project this is for? Rental, Flip, Personal residence? Curious because for a flip or rental I can only say I wouldn't worry about it. Just curious.I'll just link this one here:
http://forums.footballguys.com/forum/index...howtopic=396519
Not sure about this one as I'm not used to working with many uneven or old concrete floors, but here's what I have.
The house has an uneven concrete basement. I think it's painted, but it looks like it was done more like a lava flow than as one pour. There's ridges and unevenness everywhere.
My first thought (aside from jacking it up) was to cover it with some kind of liquid coating to level it off.
Anyone know of these products? Any good (or bad)?
TIA.
Oh, and
Lease option property. Which is why it's a difficult one as I may want to dig out the basement later if I keep it - right now just want to make it a more livable space for cheap.Jeff,Dont have an answer for you, just wondering what kind of project this is for? Rental, Flip, Personal residence? Curious because for a flip or rental I can only say I wouldn't worry about it. Just curious.I'll just link this one here:
http://forums.footballguys.com/forum/index...howtopic=396519
Not sure about this one as I'm not used to working with many uneven or old concrete floors, but here's what I have.
The house has an uneven concrete basement. I think it's painted, but it looks like it was done more like a lava flow than as one pour. There's ridges and unevenness everywhere.
My first thought (aside from jacking it up) was to cover it with some kind of liquid coating to level it off.
Anyone know of these products? Any good (or bad)?
TIA.
Oh, and
Any luck here?Excellent. You are moving along nicely. I am considering purchasing the Wholesaling kit from Flippinghomes.com, I think that is what you are doing here.Also, I took Jeff's advice and listed the house as-is. I've shown it 3 times today. Hopfully I can get an offer.Close on the new property tonight!Trying something new with this. I'm running a FSBO ad this weekend for the house. Since its not in bad shape I'm asking $75K for it as is (it sold 2-3 years ago for $96K and there are others in the hood listed at $100K+.Got this place under contract last week. It's in a very established "starter home" neighborhood and should resale for mid 90's fairly easily (last sale was for 95K in 05). Its listed as 900sf 1ba but is actually 1400sf 2ba. Its a coinflip on how the agents list that model.
This is going to be our quickest flip yet. We should easily have it turned inside of 8 weeks. Someone had already started updating it, removing everything (cabinets, lights, fixtures) and put in new tile in the kitchen and 1st floor bath. Also put in new windows . Biggest project is going to be undoing their renovation of the garage into a dining room. Its horrible and according to my realtor makes the house harder to sell.
Also got the last flip sold pending inspection. Should know how that turns out next week.
Had an interesting suggestion - sand.Fill basement floor w/ sand, level it, cover w/ plastic for a vapor barrier and put plywood over it.Lease option property. Which is why it's a difficult one as I may want to dig out the basement later if I keep it - right now just want to make it a more livable space for cheap.Jeff,Dont have an answer for you, just wondering what kind of project this is for? Rental, Flip, Personal residence? Curious because for a flip or rental I can only say I wouldn't worry about it. Just curious.I'll just link this one here:
http://forums.footballguys.com/forum/index...howtopic=396519
Not sure about this one as I'm not used to working with many uneven or old concrete floors, but here's what I have.
The house has an uneven concrete basement. I think it's painted, but it looks like it was done more like a lava flow than as one pour. There's ridges and unevenness everywhere.
My first thought (aside from jacking it up) was to cover it with some kind of liquid coating to level it off.
Anyone know of these products? Any good (or bad)?
TIA.
Oh, and