For Jackie... - Posted by Robert (CA)

Posted by Robert (ca) on January 11, 1999 at 22:47:17:

Thank You for the advice, hopefully I have something done in time to afford the convention!

For Jackie… - Posted by Robert (CA)

Posted by Robert (CA) on January 11, 1999 at 20:35:34:

I am a college student in Southern California. I live in a very desirable area just north of Los Angeles. There are quite a few vacant houses in my town where the market seems to be through the roof! The house I live in with my parents needs quite a bit of work and is still worth about 200k. It seems that any piece of land with a shack on it is worth 100k! Anyhow, I have some flip questions:

  1. How can I determine the “rehabbed” value of the property if it is a custom home? (Most of the vacants here are not in housing tracts)

  2. Are their internet sites that I can use to find the owners of these properties?

  3. I am not sure of how you say the transaction takes place; do we close simultaneously or simply reassign the contract to purchase the property to an investor for a fee?

  4. Is there any way other than driving around to locate vacant homes? (I am not to lazy to pound pavement, I just want to know what all of my options are…)

  5. I feel that this method could work well also with “fixers” that are currently occupied, what would you recommend as the best way to find these motivated sellers?

Any help is greatly appreciated!
Thank You
Robert (CA)

Re: For Jackie… - Posted by Jackie in Dallas

Posted by Jackie in Dallas on January 11, 1999 at 22:02:40:

  1. You can determine the after repaired value by getting comps from a realtor or driving around the neighborhood and looking for similar properties that are currently for sale - get their asking price and take the average. You can also get comps I’ve heard from www. - I haven’t seen the site.

See if your county’s tax records are online - that is the best way to find out who owns the property

  1. If under $5k I usually assign the contract - if more I do a double close

  2. My next article has several other ways to find houses - JP will be posting it soon (checking into the foreclosure properties is a good place to start)

  3. Knock on the door - ask if they are interested in selling - leave flyers at the door - send letters or postcards after finding out who the owner is through the tax records and determining that there is enough equity to make it worth your time.

Good luck - sounds like you’ve got some great opportunities ahead!