Can you help? - Posted by Andrea Anderson Dunn

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! :slight_smile:

Can you help? - Posted by Andrea Anderson Dunn

Posted by Andrea Anderson Dunn on May 29, 2000 at 19:55:03:

Not sure if this is appropriate for this newsgroup (if not I’m sorry to bother you) but not sure where else to ask.

I’m looking for a way to buy my first home. I’m currently renting a house in Sparta WI. The owner is out-of-state and has asked me to buy but won’t take less than 35K (he’s been saying for 2+yrs that’s what he still owes). It’s run down (he’s not made any repairs in at least 10 yrs, I’ve been here over 5)…my estimates on repairs are 15-20k. Neighborhood homes sell at 75-90k. 3bdrm, 1bath, detached garage.

I don’t necessarily want to buy this home. But it may be a good opp for someone in REI. I’m just learning about this. Starting with interest in CS infomercial, then a Global Resource Network info meeting in LaCrosse a few weeks ago, and just caught one of Ron LeGrand’s infomercials (with twins…I have triplets, so multiples in any show will stop me). I can’t afford any of these books, courses, packages, etc. right now. Seriously! I’m recently divorced, partially disabled, raising six kids (youngest 8yrs) and only able to work part time. Just found a perfect little pt job willing to work flexibly with my challenges. :slight_smile: Yes, I know, this sort of REI thing would be ideal for my circumstances. :slight_smile: (FPL for 7 is 2100/mo…we get by w/about 75% of that)

Custody issues still unsettled and it would greatly help my case if I could own a home…affordably. It would also greatly help if I could have a huge income potential. Do any of you know of REI players in this area? Perhaps we could work something out…a unique opportunity I assure you! I’ve got some interesting proposals running thru my head…especially after reading so many encouraging stories at this site!

Re: Can you help? - Posted by JeneanNC

Posted by JeneanNC on May 30, 2000 at 09:36:52:

Call me 919-231-2052. Lets talk!!