possible deal in the works - Posted by Patrick

Real Estate Investing
1

Posted by chandlerazguy on May 08, 2006 at 18:44:33:

That’s so inspiring. I am just starting out myself and drove around this weekend. I have the addresses of about 15 properties and I have not even pulled comps yet! It doesn’t help that I work 45 hours a week.

2

possible deal in the works - Posted by Patrick

Posted by Patrick on May 08, 2006 at 18:10:30:

Hi, everyone. I have been beating around the bush on calling anyone for some time now. My fiance finally made me call on some houses and believe it or not my first call is a motivated seller! This being my first possible deal Im nervous as heck on messing this up.

First off, this house is vacant and the outside is in horrible shape. The guy owes 60k and wants 20k in equity, so he will sell for 80k. I meet with him tommorow afternoon to check out the house. I believe comps are running 110k-140k in the area. Does this sound like a deal? I think I can get him down to 70k…maybe sell it for 75k?

Should I just take the deal at the lowest we can get him to go down to and see what investors will pay for it?

Im just looking for tips on what to do on our meeting. Things to say to make sure I have a contract when leaving etc… thanks in advance.

3

Re: possible deal in the works - Posted by Joe

Posted by Joe on May 08, 2006 at 18:21:37:

Define “the outside is in horrible shape”.

And if the outside is that bad, what’s the inside like? Is it gonna need $20k, $40k, $60k in repairs? Some of those numbers end up killing your deal, others don’t.

I think $80k is too high. If you can narrow down the comps and the repair numbers, I’d start at $60k and tell him you’re taking this problem off his hands.

4

Re: possible deal in the works - Posted by chandlerazguy

Posted by chandlerazguy on May 08, 2006 at 18:21:20:

Congradulations. Where did you get the lead? Was it an ad, or just a property you looked up? I am excited to hear a happy ending. Sounds promising.

5

Re: possible deal in the works - Posted by Patrick

Posted by Patrick on May 08, 2006 at 18:37:45:

Havent seen the inside yet. Thats what we are doing tommorow.

Here is a picture of the front. Photobucket | Make your memories fun!

6

Re: possible deal in the works - Posted by Patrick

Posted by Patrick on May 08, 2006 at 18:33:10:

Just drove around and found it. After a little research I had his number. 2 months later I got up the guts to give him a ring lol.