IT Works!!! But need Help........... - Posted by LittleGuru

Real Estate Investing
1

Posted by Larry on September 10, 2003 at 10:19:10:

Here is what I would start with…

  1. Ask the seller if he or she has canceled the listing agreement with their realtor. If not then they need to do so and get it in writing.

  2. Call 2 or 3 realtors and get them to send you comps on the house. You want Active, pending, sold and leased over the last 6 months.

  3. See what the Tax record indicates the appraised value is.

  4. Pull a title abstract to see if their are any liens against the property before you move forward.

Best of luck to you

Larry

2

IT Works!!! But need Help… - Posted by LittleGuru

Posted by LittleGuru on September 10, 2003 at 09:58:50:

I got my first call!!! I put out my bandits last night I was woke up by mot.seller this morning. So I didn’t get all the info i needed i was still sleeping when I answered cause i was up late with the bandits.Plus my first call

House empty or just about to be. Listed with realtor no luck. Appraised value 155k owes 136k. I already drove by to see the house. Its kinda ugly. 3-1 1000sq.ft. On right on the service drive rents probally 800-900.

We got into the numbers for a second he asked how i work he mentioned if he would make payments until i found a tenant buyer. Which would probally one of the only ways it would work. I’m scared of repairs, and vancancy due to location off service drive.

I said i would run numbers and call back what do i do next?
THANKYOU for any response.

I’m buying subject to with l/o back end.

3

Re: IT Works!!! But need Help… - Posted by pete

Posted by pete on September 10, 2003 at 10:20:28:

How much in repairs does it need? Maybe you can get himto do repairs for you as part of your contract. Then l/o and generate cash flow.