Posted by Wade on April 07, 2005 at 22:53:43:
Seattle, WA
NEED HELP WITH MY FIRST DEAL in wa state - Posted by Wade
Posted by Wade on April 07, 2005 at 19:18:29:
Hello everyone after studying this site for a year, I have come accorss a great opportunity to buy and sell my first REI property. Heres the facts:
- Neighbor ive known for years has passed away and did not leave a will to her 5 grown children living in her house. I did some research and discovered that she only owes $47K on the home(It needs about $15-$20K in repairs to bring it up to good condition. I know the neighborhood very well and the house can sell in top condition anywhere from $250-$275k
My question is if I buy the home, and the electrical and other fixtures are not updated, do i have to bring the house up to code to sell it, or can I just do the bare minimum and still sell it for the max price. What are my options here? Wholesale? or subject to? or possibly rehab?
Wade
email is zomba44@hotmail.com
Re: NEED HELP WITH MY FIRST DEAL in wa state - Posted by ryan
Posted by ryan on April 07, 2005 at 20:15:30:
Hehehe,
One option could be to wholesale it to me. Another one would be I’ll front the investment money and also the rehab work for a piece of the pie. I live in Seattle so may be easy to make the arrangement.
You can sell the house in any way you want as long that you price it accordingly. If you wish to not make any update, then sell it to someone who’s willing to do it…
Ryan
Re: NEED HELP WITH MY FIRST DEAL in wa state - Posted by Wade
Posted by Wade on April 07, 2005 at 20:51:31:
Ryan,
Thanks for your interest, I am still in the process of negotiating a price with the seller and may be intersted in your wholesale offer, as I have the money to buy the property if I can get it down to the right price. If I were to wholsale you the property, what would the process in your experience involve?
Thanks Wade
Re: NEED HELP WITH MY FIRST DEAL in wa state - Posted by John
Posted by John on April 07, 2005 at 21:24:33:
Where in WA are you?