RosewoodTx
04-04-2005, 07:53 PM
Located in Forte Wayne, Indiana, downtown (SW region)
2 bdrm 1 bth w/attached garage
1122 sq ft home/240 sq ft garage
located on 2 lots just under .5 acre
2nd lot has slab (she had an old building removed)
built 1947/refurbed 5 yrs ago
new elect-new plumb-new sheet rock-new vinyl flooring
new roof/vinyl siding
bathroom has jacuzzi
has septic
no mortgage/owns outright/inherited from parents
located on a dead end road in older well kept neighborhood
businesses on adjacent streets
t/b will be out on April 15th
This home is located on a one street neighborhood in SW region of the downtown business area which, I'm thinking may mean the zoning is commercial. I'll check on that.
The owner is very motivated and ready to get this off her back! She has also expressed to me that she doesn't even want the hassle of getting it ready to sell or maintaining as a rental property. She originally said she wants 35K to recoup her rehab investment, but later said she would take what she could get for it to get out of it.
Her greatest concern is being that buyers won't be able to get financing due to the septic issue. I asked her why the current t/b backed out and she said they could not get conventional financing because of the septic. She said the septic is not giving them problems, its just old, and when she inquired about getting it replaced with a larger one the contractor told her it couldn't be done according to regs unless her property was at least 2 acres.
UPDATE:
(you may want to refer to my post 'here's the deal' in reference)
April 1st: Elizabeth, I was not able to get a real clear comparison for this property. I would need to view the premises to get a better evaluation. I did find a home in this neighborhood that sold in June 1994 for $27,000. Here is an attachment with some other properties in the similar location that may give you a feel for what this particular property is worth. All of the similar properties have city water and sewage hook up. If you need for me to check the County Board of Health records about the water and sewer for the property you inquired about, please let me know. If you would like for me to do a more complete analysis for you, please let me know and I will personally view the property.
Well, the agent in Forte Wayne went by and took a look at the property on a drive by yesterday. He has offered to go back later this week to look inside if I can get cooperation from the tenants. The owner will call them this evening to see about that. He said the appearance of property and home on the exterior were very good and the lot is a nice size and he could see it going for 35-40K, of course he said he couldn't make a complete assessment without seeing the interior condition. I really would rather have a more solid FMV based on comparables.
My greatest concerns are; that it is in another state, getting the FMV, the septic issues getting in the way of conventional financing for prospective buyers, and zoning.
To be quite honest this seems to be a very daunting challenge and possibly over my head. I was definitely not looking for anything out of my area, but didn't want to pass up the opp to at least bird-dog or get a contract to assign, if I could see a profit potential. Considering the seller's desire to get rid of this property and get what she can for it, then profit seems very likely. I will see her tomorrow at work and get her to give me her lowest price. She has clearly expressed to me that she is now more interested in getting this off her back than being concerned with a loss on her rehab invest.
How would you phrase the question? Considering that you are not interested at all in dealing with this property anymore, how much cash would it take to get this off your mind? What do you think?
Now, how would you suggest I find buyers in that area? I found an ad in the yellow pages for folks who buy homes fast for cash! So shall I call these folks and ask if they offer fees to bird-doggers, or assignment fees for contracts? Any other suggestions for finding buyers? This is probably all been covered here and in the e-books I have, but feel free to repeat and refer.
Please give me feed back. I'd like and idea of what I'm not considering and other info I need to obtain, or any insight you may be able to offer, and of course if you invest in RE in Indiana please contact me.
Dan just stepping into your post here Lizzie.
My first step is to post this thread up here: www.indypropertyinvestors.com/forum and here:http://www.investorwealth.com/cgi-bin/forums/YaBB.pl?board=questions Indiana I will be asking those folks to contribute their thoughts to our forum here as well. So that is move #1. Now let me think some more on this!
2 bdrm 1 bth w/attached garage
1122 sq ft home/240 sq ft garage
located on 2 lots just under .5 acre
2nd lot has slab (she had an old building removed)
built 1947/refurbed 5 yrs ago
new elect-new plumb-new sheet rock-new vinyl flooring
new roof/vinyl siding
bathroom has jacuzzi
has septic
no mortgage/owns outright/inherited from parents
located on a dead end road in older well kept neighborhood
businesses on adjacent streets
t/b will be out on April 15th
This home is located on a one street neighborhood in SW region of the downtown business area which, I'm thinking may mean the zoning is commercial. I'll check on that.
The owner is very motivated and ready to get this off her back! She has also expressed to me that she doesn't even want the hassle of getting it ready to sell or maintaining as a rental property. She originally said she wants 35K to recoup her rehab investment, but later said she would take what she could get for it to get out of it.
Her greatest concern is being that buyers won't be able to get financing due to the septic issue. I asked her why the current t/b backed out and she said they could not get conventional financing because of the septic. She said the septic is not giving them problems, its just old, and when she inquired about getting it replaced with a larger one the contractor told her it couldn't be done according to regs unless her property was at least 2 acres.
UPDATE:
(you may want to refer to my post 'here's the deal' in reference)
April 1st: Elizabeth, I was not able to get a real clear comparison for this property. I would need to view the premises to get a better evaluation. I did find a home in this neighborhood that sold in June 1994 for $27,000. Here is an attachment with some other properties in the similar location that may give you a feel for what this particular property is worth. All of the similar properties have city water and sewage hook up. If you need for me to check the County Board of Health records about the water and sewer for the property you inquired about, please let me know. If you would like for me to do a more complete analysis for you, please let me know and I will personally view the property.
Well, the agent in Forte Wayne went by and took a look at the property on a drive by yesterday. He has offered to go back later this week to look inside if I can get cooperation from the tenants. The owner will call them this evening to see about that. He said the appearance of property and home on the exterior were very good and the lot is a nice size and he could see it going for 35-40K, of course he said he couldn't make a complete assessment without seeing the interior condition. I really would rather have a more solid FMV based on comparables.
My greatest concerns are; that it is in another state, getting the FMV, the septic issues getting in the way of conventional financing for prospective buyers, and zoning.
To be quite honest this seems to be a very daunting challenge and possibly over my head. I was definitely not looking for anything out of my area, but didn't want to pass up the opp to at least bird-dog or get a contract to assign, if I could see a profit potential. Considering the seller's desire to get rid of this property and get what she can for it, then profit seems very likely. I will see her tomorrow at work and get her to give me her lowest price. She has clearly expressed to me that she is now more interested in getting this off her back than being concerned with a loss on her rehab invest.
How would you phrase the question? Considering that you are not interested at all in dealing with this property anymore, how much cash would it take to get this off your mind? What do you think?
Now, how would you suggest I find buyers in that area? I found an ad in the yellow pages for folks who buy homes fast for cash! So shall I call these folks and ask if they offer fees to bird-doggers, or assignment fees for contracts? Any other suggestions for finding buyers? This is probably all been covered here and in the e-books I have, but feel free to repeat and refer.
Please give me feed back. I'd like and idea of what I'm not considering and other info I need to obtain, or any insight you may be able to offer, and of course if you invest in RE in Indiana please contact me.
Dan just stepping into your post here Lizzie.
My first step is to post this thread up here: www.indypropertyinvestors.com/forum and here:http://www.investorwealth.com/cgi-bin/forums/YaBB.pl?board=questions Indiana I will be asking those folks to contribute their thoughts to our forum here as well. So that is move #1. Now let me think some more on this!