Ideas?? - Posted by Sys

Posted by Ed Garcia on December 16, 2001 at 11:16:18:

Sys,

Sorry, but we need more information.

What is the price range of the area? All you’ve told us is, you bought your current house from an estate, cheap. What does that mean?
How motivated is she?
How much does she owe?
If she has a loan, is it assumable?
What will she take below market?
What will it cost for deferred maintenance?
Will she carry a second?
How is your credit?

I realize that you’re a newbie, but these are some of the beginning basic fundamental questions that you need to ask yourself and we need to know to help you with your post.

With out this information, we can’t tell you how to structure your offer or deal.

Ed Garcia

Ideas?? - Posted by Sys

Posted by Sys on December 15, 2001 at 18:33:03:

I’m a newbie, been lurking for about a month now – been thinking about getting into the arena for about a year now. First off – bought my residence as a 2 bedroom cheap from an estate - made it a three and remodeled it, and am going to sell it when I move in about a year (active duty military). Anyway, the owner of the house 2 doors down died two weeks ago, and the daughter is living there until the spring, as she does every winter (tucson, AZ). I was talking to her and she stated that she is planning on selling it in the spring. Any ideas on an offer that can be win/win. I can get an equity line on my house for 30K, and have an investor with 40K available. Like I said, this would be my first flip. The House is in good condition, but needs to be updated (ie kitchen, carpet, paint, etc) Any ideas or experience in this are would be great?

Sys

Re: Ideas?? - Posted by Sys

Posted by Sys on December 16, 2001 at 18:07:31:

Good point…

3/2’s in the area sell for about 135 right now
4/2’s go for about 140

My credit is excellent (730-750)

It probably needs 10-15K to make it sparkle

It’s paid for…

Haven’t approached her about a price, but she seems like she’s fairly motivated, she doesn’t have any one left in Tucson, and the only reason she comes down here is for her parents.

I bought mine for 108 – is worth ~135 now with forced equity – put 12K into it

I know you’ll need more, I’ll keep at it…

Thanks

Sys