If the owner says he’ll sell it to you for a few thousand - write up that contract FAST – before someone else finds it and gets to him.
Even if the property is in terrible condition, you should be able to sell it to a rehab investor for $10,000 to $15,000.
If you don’t have anyone to flip to - as soon as you get the property tied up with a contract, run an ad that says:
HANDYMAN SPECIAL
CHEAP - CASH
###-####
Of course, you’ll also want to turn the contract into a title company immediately so they can check the title and make sure there are no liens or judgements, especially back taxes against it.
Found a property in the inner city and I am not sure what to do with it. Owner lives in another state and only wants a couple thousand for the property. He said the property has
been vacant since 97. Went there and the property was boarded up.
Searched court records and found 2 properties that sold for $31,000 on the same street. I feel like I should go ahead and tie it up but I feel confused. I need to flip this one.
I figured I should try to get into it tommorrow to see what it’s like inside.(it is a row house)
If anyone has any comments or suggestions please help!