Posted by Mark-NC on July 15, 2001 at 09:51:40:
Mark,
It sounds like you may have something here. But before I can give you an answer what would it cost to clean this thing up and do the repairs?
Mark
Deal looks GOOD But I’m Brain Dead, Guidance? - Posted by Mark W.
Posted by Mark W. on July 15, 2001 at 09:33:59:
Hey Guys & Gals! I haven’t posted in several days, had to go out of town.
Anyway heres the deal:
I ran in to someone that knows me from one of my childhood friends. And she has a house that she told me she “Just wants out” of. She even mentioned doing a Quit Claim Deed to me. My problem is I’m brain dead right now! I’ve got to many irons in the fire and I can’t seem to get my ducks in a row. Someone please help me start quacking. This would be my first deal and it could not have come at a better time if I can make it work.
As I stated she has said that she just wants out. I have been in the house and it does need some work from what I could see (packed full of stuff) and hear(floors). There was some damage from a tornado a few years ago and the insurance company paid (I dont know how much) for damage that was done to the home. She said she ran out of money and could not finish the inside. It has 5yr old vinyl siding and a new front porch. It looks great from the exterior.
This is a 2 story home built in 1900 3,000+ sq.ft. living space on a double lot (154.9 x 209.2), In a Very Nice neighborhood thats close to a lake and a golf course.
She said it was appraised 2 years ago for $138,000. There is an $81,000 1st on it at 11%, payments are $756 a mo. Shes behind one payment and the 2000 taxes haven’t been paid. They are currently $796.17 according to the assesors website. She said that she has $57,000 in equity and really doesn’t want to lose it but I got the feeling that she does not really care either way. I think she really does just want out from underneath the mortgage but she also told me that she has a lady trying to do something for her. I think she is trying to get a loan on it.
I mean this person is READY to make a deal with me somehow or someway. I’d like to tie the property up until I can figure out what to do before that lady she is talking about comes through on something. Since she really just wants out of the mortgage I was thinking sandwich L/O ,“subject to” and maybe an assignment for some badly needed money.
Someone PLEASE help! I can’t think! I mean I know there is money to be made here if she has $57,000 in equity and doesn’t want to lose it but will. I’ve just got to figure out what to do first. The only course I have is C. Sheets’ but I think I’m going to order Bronchicks L/O course today because it is at a $100 discount.
What would you good folks do to get the ball rolling on this thing? Thanks Allot In Advance!
Mark W.
Re: Deal looks GOOD But I’m Brain Dead, Guidance? - Posted by Earnest
Posted by Earnest on July 15, 2001 at 12:39:46:
In the first paragraph you make two seemingly conflicting statements: “I’ve got to many irons in the fire and I can’t seem to get my ducks in a row.” You end the paragraph by saying: “. . . it could not have come at a better time if I can make it work.” Which is it? Its a bad time because your too busy or its a good time? Your brain ISN"T dead. Deal with it. You can keep up this ruse forever, but if you ever want to make deals you need to focus.
You may have a good deal here with the high equity and high interest loan. Don’t do anything until you check out the lady’s claim about the equity. Also, why did she in such an all fired hurry to get out? Is it personal or personal-financial reasons, in which case that’s ok for you; her problems wouldn’t be yours. If not, it could have something to do with the property, in which case you wouldn’t want to get involved. The high interest loan can be a plus. If you can get the deed you should be able to use the high equity to refinance for better terms. Other options like a PACtrust with a new buyer might also be a good way to go.
But all this is meaningless, of course, unless you can get focused. No need to reply.