Newbie looking for options - Posted by pja

Posted by dewCO on August 10, 2000 at 22:25:34:

Find out if there are any loans on the property. If not, I think you could get a hard money loan for 65% of the value of the property, give the sellers some cash up front out of that, and keep the rest to rehab it a make payments on the hard money 1st. Then you also add a 2nd that the sellers carry for you, for the balance of the price you negotiate with them, with no payments due for, whatever…3 mos., 4 mos., when it is all due (a balloon payment), at the end of which time you have rehabbed and sold the property for more than you bought it for, in order to pay off the 2nd, and still have some left over for you as profit. You’ll have to have the sellers pay the closing costs if you have absolutely no money or can’t swing a friendly loan from someone to cover it.

Make sure you are dealing with the person with the authority to sell an estate property. Either the title has changed into one or more of the relatives names, or if its still in the deceased owners name(s) then the proper party to deal with will have a personal representatives appointment for this estate, or something in writing along those lines.

Newbie looking for options - Posted by pja

Posted by pja on August 10, 2000 at 10:49:18:

I have a recent bankruptcy and no cash to work with. I know of a house that has been vacant for a few years (since owner passed away) Now is owned by three daughters that can’t agree what to do with it. Just looking from the out side it needs painting and extensive yard work (can barely see house, growing up for more years than house has been vacant) would be costly to have someone do but, I’m a jack of all trades and could easily do this myself. Also found out that the town had offered at one time to buy a section of the lot to extend a street through (possibitly there) Anyway to make a short question long! Should I bother doing my homework on this? what options would I have? Or at this point would my time be better spent building my knowledge and credit? Thanks in advance for any help!

Re: Newbie looking for options - Posted by dewCO

Posted by dewCO on August 10, 2000 at 13:11:59:

Doesn’t hurt to persue the sisters. The longer is sits and deteriorates the less it will increase in value. The 3 years and they can’t decide??? Perhaps you can help them decide what to do with it!!

Depends on if there is a loan on it (probably not if its sitting 3 years) and you can work out something to take title now and give them part of the appreciation and profits when you rehab and sell it.

Re: Newbie looking for options - Posted by pja

Posted by pja on August 10, 2000 at 17:03:01:

Thanks for the response. How would this work? (take title now) and how could I finance rehab expenses?