Posted by David Krulac on November 07, 2000 at 06:07:54:
my experience has not been so, local officials are not profit money focused and can be stubborn “by the book” rigid and unbending. They often can not see the big picture. My experience is that they don’t and won’t give any discounts. If the government that your dealing with is more open then you’ve got a good situation, go for it.
Code violation property - Posted by Jay-FL
Posted by Jay-FL on November 05, 2000 at 17:01:52:
I have a contract on a property for $65k. ARV=$110k but the city has couple of liens totally over $100k. Repairs total about $15k. Its been difficult to get ahold of the appropriate person due to the large amount of liens. Everyone tells me I have to talk to the bureau chief who’s never around. Meanwhile, the seller wants to sell now to be done with the house. I haven’t contacted any of them yet but typically the hard money guys want clear title. Any ideas on how I can put this deal together? Thanks
Re: Code violation property - Posted by dewCO
Posted by dewCO on November 05, 2000 at 19:15:56:
Won’t your city council person help you get to the right person. Ask the title company who they contact to get info., or see if they’ll do it for you. Go the that person’s supervisor and “camp out”.
I don’t get it! - Posted by David Krulac
Posted by David Krulac on November 05, 2000 at 18:28:46:
If the ARV=110 and you’re buying it for 65k with a 100k lien, where’s the profit?
What is the lein(s) for? Are the leins aginst the owner for other properties and you want the city to release this property? If not what is in it for the city?
Re: I don’t get it! - Posted by Jay-fl
Posted by Jay-fl on November 06, 2000 at 21:24:37:
The profit is in the discount of the lien. Since “what’s in it for the city” is a rehabbed property that is no longer an eyesore in the community, I suspect the discount would be significant. Hence the reason for the posting.