Posted by michaela on July 16, 2002 at 03:41:24:
craig,
sure, i would contact the broker and see what he/she says. it doesn’t even have a sign in the yard, so , maybe presenting an offer now, before everybody else knowing about it might get you the deal.
the contract will stipulate, that the seller will deliver ‘clear title’, meaning, that any liens will be paid off at closing, so you don’t have to worry about them
Newbie Needs Advise - Posted by craig
Posted by craig on July 16, 2002 at 01:21:27:
I am pursuing my first flip deal. I have stumbled upon a property that seems a good candidate for a wholesale flip. The property is vacant,overgrown,needs work and boarded up. I got some comps on the area and comparable homes are going from 95K-107k. I have not been able to get inside but was able to peek in the windows a bit.Estimated the repairs to be 13k.(May be off a little up or down, my first time). I tried to find the owner and was unable to. After a lot of investigative work i found the property was in probate. A will was left so i contacted the fiduciary named. After speaking to them i found the property is free and clear as far as the mortgage is concerned(49,000 bought in 1977). The problem that there are some liens present. She was not sure of the liens on the property but told me that she has listed the property with a local real estate agent. She said i should contact him for all the details. After checking the court docket i see there is a motion to remove the fiduciary. the hearing is set for 8/16/02. My question is should i still continue tryin to pursue this deal or just pass it up. There seems to be a lot going on here but it has been fun learning. If there is something i can do with this deal i am all ears. Thanks.
Thanks for the Advise - Posted by craig
Posted by craig on July 16, 2002 at 17:45:54:
First off thanks for responding. I think maybe i will continue to pursue the deal. Congratulations Aaron on getting your first deal. I hope to celebrate soon as well. As for your advise i think it would be a great deal to buy and i have a financial partner in case i wind up having to hold the property and rehab it myself but just starting out with not much money i think i would rather just get in and get out until i have a nice reserve to start exploring other opportunities. I am starting to love real estate more and more. There are so many ways to skin a cat. And it also helps when you have boards like this were knowledge is shared in the hopes of benefiting others.Thanks to everyone.
Much blessings.
Re: Newbie Needs Advise - Posted by Tim Savage
Posted by Tim Savage on July 16, 2002 at 16:30:33:
You might try buying the liens on the property at a discount. That would put you in a good position.
Re: Newbie Needs Advise - Posted by aaron
Posted by aaron on July 16, 2002 at 08:07:21:
I don’t have any deals under my belt yet, I’m supposed to be closing on my first deal today, but, I’d like to share some advice with you.
Whatever you end up doing, don’t get into this unless you’re prepared to buy it for yourself if you have to. Also, how could you wholesale it to someone if you wouldn’t buy it yourself. Hope this helps, Goodluck!!! God Bless.
Aaron