What to do next? - Posted by Shenesa
Posted by Shenesa on May 19, 2000 at 08:40:27:
I came across this house doing a drive by. I called on it and the owners are asking 15K for the house. The owners are elderly and was renting out the house. It is a sfr with 3brs, 1ba, liv room, dinning rm, kitchen and 1 car garage. The house is in good condition, and is in need of painting and a few other odds and ins, which will equal less than $500,if that. The reson why they are selling is because they do not want to be landlords. The house has no mortgage but they owe about $1700 in taxes. I did a check on houses that sold in that area and they average from $40-60k in the past few years. I believe this is a $$$$$ deal!
I already know what I want to do with the property. I want to get a realator involved that I have made contact with that is familiar with creative investing and has imvested in properties before. She has contacts with other investors who looks for properties of this type. I want to put it on market for 35K and flip it to another investor w/dble closing. The owners agree with all the terms in the contract and I will be giving them a $100 deposit. My question is, should I get the agent in on it asap,who is also a broker with access to hard lenders? I believe this will move quickly if another investor gets wind of it.
Your advice greatly appreciated.