2 potential properties I need help on ASAP.... - Posted by Kris

Posted by Paul_MA on June 26, 2001 at 01:16:48:

You should be looking for motivated sellers. Just because someone sounds flexible, doesn’t mean they are. The broker does not sound motivated.

If you pay close to market value for these properties, you will soon be a motivated seller.

The only offer I’d make is to take over the mortgage. He will certainly say no.

Seek motivate sellers, then solve their problem.

2 potential properties I need help on ASAP… - Posted by Kris

Posted by Kris on June 25, 2001 at 21:25:02:

I have several properties I’m looking at can any experienced investors give me som insite on how to purchase these here that I’ve listed?

1st property:

2bdm/1bath built 1939, has a carport for 1 car, its vacant. Owner has had it for 3yrs lived in it for the first 2. Mtg bal is aprox: 150k mo. (conventional) pmts are aprox 1100/mo and he’s current. It was listed at 189k with century 21, but he told me to talk with him directly. He’s a broker, but he is also the owner of the property. He’s now asking 179k for it. Said If we’re interested we can work something out. He will help with closing. Has no curb appeal. Its been totally remodeled. New walls, insulation, wiring, brand new plumbing, roof windows, laundry room in basement, new patio, kitchen & cabinets. Why selling: wants to get it off his books. He had rented it for a yr to tenants who trashed the place. Thats why it was rehabed. It’s 1050 sqft.

2nd property:

2bdm/1bath. Built 1911. Has what might be called an “unfinished Garage”, which has side walls but no top to it and no garage door. Has new carpeting new kitchen, bathroom. has been remodeled. It also has an additional room, a huge basement. Its 912 sqft. existing mort bal is aprox 87k (conventional) with 900/mo pmts piti. current. There’s a tenent in the property as well. He’s selling it becuse he wants the money to buy another property. Also I noticed on the prop profile that his name isn’t on it. I called him back to ask and he said that he is the owner and that the mortage is in anothers name. He says “there’s a quit claim” on it. But he says he owns it. He’s asking 135k. He doesn’t want to carry a note on it.

Please let me know what (if any) can be done with these properties?