Me Again with another need help post:)

[colken32]

Ok hear it is. I cam e across this house it is in my home town it is on a nice lot in a nice neighborhood. It has been empty for 10 years the family just havent moved on it they dont know what it is worth they have not had an appraisal. I took a contractor up to look at it and there might be $10,000 to $15,000 in work, but he said it was in great shape just need to be modernized. I did an appraisal on it and it came in at high $50,000 to mid 60,000's I made an offer of $20,000 just a few minutes ago i was scared to death been tore up all day making these offers anyway back to her response she said she would pay someone 20,000 to get it off her hands she was joking of course:) but she said her sister probally would'nt be satisfied so if she is not what would you all do? i dont want to lose this cause one guy made a statment that he would give me 35,000 for it the day i bought, he has been investing for a long time so if she isnt willing on that offer what would ya do? what about a lease to purchase not real clear on that but she said her sister probally would want to have a auction how would you all pursue this and what type of creative deal could i use to make them happy. Thanks for the help in advance:)

[colken32]

Hey i really need some direction on the post i posted above this one I dont want to lose this deal Is there anyway special offers that might make her and her sister want to do this please help i feel i can make money on it just read the prior post. Thanks :SM021:

[Dan Auito]

First thing is to see what her sister ACTUALLY SAYS! If it is no then come up $5,000 and write an offer on paper and fax it. Tell them you can close asap! Stay in touch and keep working this deal. Let them know that it needs $15,000 in repairs too!

[Aldo]

If you don't buy this puppy, I will - based on the info you offered. But, there are some caveats. I doubt that you are an appraiser or you would know exactly what the property is worth. With that said, how did you come up with that evauluation? Assuming your numbers are close to accurate, I'd pay up to $30K(after some heavy duty negotiating) , dump $15K into it and flip it for $60K. You'd net about $15K as quick as you can get the work done and blow it off.

[Pasquini]

You need to sit down with BOTH sisters and find out what they want. Right now you are in your head, and your head can't sign a purchase agreement for them. What did they say to your $20K offer?

[colken32]

I am a real estate appraiser in kentucky i did an appraisal on this property when i posted i was estimating by just looking my comps the house is a great deal i am still working on it dont know what her sister said hope to find out today.

[Tom Henderson]

....if she isnt willing on that offer what would ya do.....

This will be good practice. Whether you get the deal or not, you will learn from each negotiation.

You need to start getting control of the deal. First you need to determine what your goals are with the property...to flip, to rehab, to fix up and hold? You goals will help determine how you want to structure the deal.

You are asking us "what would we do". It makes no difference what we would do, it is what the sisters agree on that counts. Talk WITH the other sister. She seems to be the dominant one in this deal. I emphasized "WITH" the sister, not "TO" the sister. Ask open ended questions, then listen for the answer. For example, rather than saying, "Would you take $20,000 cash now", ask "What would be wrong in accepting $20 THOUSAND dollars NET now"? Sit back and listen. Pick up on her answer. Ask her what she is going to do with the cash. (Believe it or not, nobody wants cash. It is worthless unless you use it) Sit back and listen. Ask her how long can she wait for the cash...sit back and listen. By asking a series of questions, you are going to tailor make the deal to fit her situation. I can think of 3 or 4 note techniques that might be used, but until I know what the sisters' goals and agenda, and your goals and agenda are, I would not know which one to use.

For example, you might want to "share the wealth", "split payment", "balloon note with no payments" etc

You are still in the data gathering stage of this deal. You need a bit more info on the needs and wants of the sisters.

Hope this helps.

Tom Henderson
H&P Capital Investments LLC
214.575.8292
1.800.481.6588
www.hpnotes.com