Seems from your handle that you are in FL. I don’t know any books written from a FL perspective. For those in CA, there are two books I can recommend. One is written by Dian Hymer, something like “How to Buy and Sell Your Home in CA.” The other has three authors, one of whom is Ira Serkes. It has a very similar title and, I believe it is published by ten-speed press in Berkeley, CA. Both are very comprehensive and, thus, a little boring to read. Do not try to read them straight through! Other than that, no, sorry I don’t have a recommendation.
Lock boxes? I got my last one at Home Base, probably now defunct. The local Home Depot carried them but was temporary out. Yes, try Home Depot. Or Lowe’s. Or local locksmiths.
Just bought another F/U, will be finished in 3 wks. Good deal. Closing on another next wk.
My question is:
Should I -
Cash-out(Could L/O or rent-to-own).
Try to sell it myself the first 30 days, then after
that if I have no luck - list with a realtor.
Cannot afford to hold these properties for along time. Husband just got laid-off again.
2nd question: I have a personal fixer-upper that is just sitting & I am making monthly mortgage pymts. Need about 4K to rehab then could sell retail. Would be very good profit for us. The profit from this house would get us back on track and out of debt.
Loan - 22K
Appraises @ high 60’s - low 70’s
House is in really bad shape.
Could really use some expertise advice on these 2 questions.
I buy fixers to retail too. I do just what you are talking about (and I am a RE broker) I try it myself for 30 days and then list it if I cannot locate a buyer. The only advantage is that I get to keep the listing side of the commission. If you are running low on cash and need to rehab the 22k property, just get another credit card if it only needs 4k in repairs or find a partner who will put 4k into it and share proportionately(sp?) in the profits when you sell. I have financed many a rehab on 18% credit cards. But if I am able to sell them in 20-90 days, the 1.5%/month interest does not hurt the profit on the deal. If it takes a long time to sell, thats another story. Good luck and keep it up
I don’t sell a lot of properties, but when I do, I hate to pay those full commissions to the brokers. I also don’t do any fancy selling, usually just all cash with conventional financing for the buyer.
I agree with you, try to sell it yourself first. If you have not sold properties yourself before, try to get a couple of good books to help you out. There are a great number of very mediocre books on selling the house yourself. Try to find good ones.
I suggest about 6 weeks yourself. After that try to list with a discount broker for about $350-400. They will not do much for you, except put it in the multiple listing service. You will be responsible for advertising, showing, negotiating, etc. However, the other agents will bring their buyers around. That will probably get it sold soon, if you have it priced right. The listing people should provide you with contract forms and disclosure documents. They may have signs, lockboxes, flier containers. Hint: you can buy a lockbox for about $30-35. If they want to rent you for more than that, buy your own. You can use in with other properties later.
You mention needing to fix up a house. I got a credit card from Home Depot and put a lot on it while fixing two houses. Give them a try, that may be enough leeway to get your project done.