To rehab or not

[ohblessed1]

I have located a property from an owner, who wants to walk away and relinquish all responsibilities, this is a true fixer land assed value at 5,700 no prop improvements have been made so the county list it 656.00 worth, 1. how can i get her to turn the prop over to me, can we quitclaim, 2. i am checking further with county records to see what zoning is, this prop has potential for a duplex,3.i believe this would qualify for a rehab loan, but what is the rule of thumb for determining the ARV by what %. sound advice is useful for i would not want to lose this to another investor :SM050:

[LeadingEdge]

I am new so bare with the answer because I probably forgot something but I will state what I would do for this situation as I worrry too about losing to another investor on some deals.

1) Find out if anything is owed on it ( taxes, loans, liens,)?
2) Get a contract signed with seller for your intention to buy it with a small deposit down no matter how small this way its in writing of you letter of intent. Have a clause to deny it if you had toxic dump issues with land or other reasons.
3) Compare land value towards others in area of which has sold.
4) Find out from your county on restrictions for usage of property.
5) Check since no improvements are made to see if water sewer electric telephone and cable are run to the land and if not costs associated to those for factoring.
6)Know your exit strategy for the property

Number 6 is the most important to me as I have to know what I am going to do to see a return on my investment and how long it is going to take to see it back whether it be the selling, renting, L/O or plain flipping with rehabbing. In your case is the profit well enough to sell without building? Is it ok for a modular and a quick sale of a new home? Is it an area where new construction could be possible for the long term sell? Is it a rental area and want to hold for longterm gains? Know your community and the income medians for the buyers and you will know whether you can L/O without any troubles as well.

[optionfl]

be careful using quit claim. quitclaim deed may be worthless if the grantor don't own it or have a marketable title. quit claim deeds are often used to convey uncertain property interests and to clear titles, such as in divorce situations or undetermined inheritances, but they include no warranties. a quit claim deed insured by a reputable title insurance company is very acceptable. arv X 70%

[ohblessed1]

thank u for the info I put that out there because this is my mothers prop, and she want no more oblligation to it, learning by trial and error here and want to advise here carefully, :SM125:

[ohblessed1]

be careful using quit claim. quitclaim deed may be worthless if the grantor don't own it or have a marketable title. quit claim deeds are often used to convey uncertain property interests and to clear titles, such as in divorce situations or undetermined inheritances, but they include no warranties. a quit claim deed insured by a reputable title insurance company is very acceptable. arv X 70%

this is my moms prop and I' m trying to get some answers as to what i should do. thank u