Posted by Ed Copp (OH) on May 01, 2000 at 15:20:49:
George,
Just get it done right the first time. The celebration comes later. Go for it…ED
Need help with possible deal… - Posted by George(OH)
Posted by George(OH) on May 01, 2000 at 12:09:06:
I’m trying to keep my cool, but the thought of this maybe ending up as my first deal…what a rush!!
Here’s the particulars:
3BR, 1BA, 2600 sq ft duplex in a so-so area. There is a tenant on one side paying 360/month, which is low for the area (400-450). The current owner says the tenant was there when HE bought the place about a year and a half ago.
No liens on the property; comps are between 55-60K; owner wants 25K; there are not too many repairs needed, as he was going to rent out the other side, but he says he does not have the time (he owns 2 heating and cooling businesses); repairs should be 5K at the most.
Should I go ahead and tie up this property, while I verify the comps (used Octitle and Yahoo real estate), cost of repairs and other operating expenses? I only want to flip this deal, but I feel that I need to have the complete picture before even calling another investor. How should I proceed?
Thanks in advance for all suggestions,
George(OH)
Re: Need help with possible deal… - Posted by John OHI
Posted by John OHI on May 01, 2000 at 21:45:43:
George, If you are in Central Ohio, I may be interested in buying it from you now, if the numbers are correct, as a wholesale flip.
Re: Need help with possible deal… - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on May 01, 2000 at 14:14:42:
George,
If your numbers are right you need to make an offer to purchase. Agree on price etc. and have the seller sign the offer to purchase (acceptance), and be sure to give him a copy too. I would suggst allowing 60-90 days for closing. This gives you time for inspections, to find money, or to find a buyer (flip) whatever you need to do.
In the part of your offer where it says “make deed to” _________. Put in your name, your heirs or assigns. This will allow you to sell your interest if you decide to flip the deal, before closing. This would allow your estate to close if you should pass away before the closing (it is a good deal isn’t it?), and assigns, well that will allow you to put the property into the name of another (relative, corp., trust, etc.) whatever you need to do. Let us know how you do…ED
I feel like an apprentice… - Posted by George(OH)
Posted by George(OH) on May 01, 2000 at 15:16:04:
…with all the help you’ve given me. Thanks a lot - if you’re ever in my neck of the woods, beer’s on me!