Posted by JohnBoy on May 30, 2000 at 01:31:10:
You can go down to the county courthouse and look up this property to find out what the owner owes. If he has a mortgage on it, it will show the date the mortgage was taken out, the amount borrowed and the interest rate. With that information you can plug the numbers into a mortgage calculator to get the balance owed.
I would call a handyman or contractor to come out and get an estimate on all the repairs needed to bring the home up to full market value. If your numbers on the fix up are correct then you can make some quick cash on this house if you don’t want to buy it for yourself. You could enter into a contract with the seller to purchase the property for the $35k “subject to all your approval of having the property inspected” (this will be your out clause to back out of the contract if you had to) and then run an ad in the paper for a handyman special.
You can flip this property to a handyman for $45k and walk away with $10k cash at closing.
First you need to verify all your numbers on the FMV of other homes like this one in excellent condition that have recently sold in within the past 6 months. Go by actual sales, not listing prices. Verify the repair costs by getting an estimate. You can get free estimates from contractors. Don’t tell them your intentions are to flip the property. Tell them your are getting estimates to have the repairs done. Get a couple estimates to compare with. Depending on where the numbers come in at you may even be able to make more than $10k. Verify everything first and go from there.
And pay no attention to Peter, he’s just being a smart a$$ idiot!