Posted by Dee on July 19, 2007 at 08:12:56:
I will contact the owners and proceed from there. Thank you again.
Assign or walk away - Posted by Dee
Posted by Dee on July 18, 2007 at 19:15:10:
Hello everyone–I am a newbie with no cash/credit and have found an interesting house. I have ordered the Fast Cash Generator and will get S.C’s wholesaling course in the future. The house is boarded up and is unfinished with stack of bricks in the yard. It looks like a shell with approx. 2200 sq. ft.(guessing). The location is good, it is near a lake with homes from $250-475,000.00. The owners are out of state, and the mv:$12,000 with av:$750.00. It is on 1 acre of land. My exit strategy is to assign to another investor or rehabber. What do you think? This will be my first venture, should I walk or run away? It has been unfinished for about 2 yr. Thank you.
Re: Assign or walk away - Posted by Todd (AZ)
Posted by Todd (AZ) on July 19, 2007 at 05:45:14:
I think you are leaving out a lot of vital information. A little more clarity would help. What do you mean on your figures for “mv” and “av”, it’s in an area of $250K to $475K homes, but the market value on this one is only $12K? Doesn’t make sense. The land alone should be worth more than that.
Dee, you found a house in a lake area with $250K to $475K homes that needs lots of work. The absolute key here, as to whether it may be a deal or not … is what can you get it for? How much work does it need?
Todd
Re: Assign or walk away - Posted by Jason
Posted by Jason on July 18, 2007 at 20:29:37:
What is “mv”? Is that market value. And what is “AV”. If you think it is a good deal, put it under contract and attempt to assign the agreement to an investor. If you can not close or find an investor to assign the agreement to, then walk away.
Re: Assign or walk away - Posted by Dee
Posted by Dee on July 19, 2007 at 06:40:49:
Thank you Todd—I went to the county assessors page and found the market value and the assessed value that was listed.I do have more research to do,it looks like a shell from the outside. Oh well, I’ll keep searching.
Re: Assign or walk away - Posted by Dee
Posted by Dee on July 18, 2007 at 21:00:20:
Thank you Jason–yes, mv is market value and av for assessed value.
Re: Assign or walk away - Posted by Todd (AZ)
Posted by Todd (AZ) on July 19, 2007 at 07:00:45:
Dee,
Do you have any idea what you can get the property for? Have you talked to the owners yet? I would save doing a ton of research until you find out if it’s even for sale or not. Don’t waste a lot of time, find their phone number and call them. Find out what they want for it, then tell them you will have to look into it and get back to them with what you could give for it. Then you can do more research on it. You already have a ballpark idea of value, now it’s time to talk to the owners.
Todd