The meeting with my second probate lead went as well as could be expected. The man was very nice, but I don't think there is much I can do to help them. The house has a roof leak in two places in the house, and at the one leak in the kitchen there seem to be evidence of mold. The sub-flooring is very wavy and bumpy, and the bathroom needs to be redone. The neighborhood has gone down the tubes. House after house has been condemned by the city in this mill house section known as Spartan Mill Village. To be honest, I was afraid of making an offer, because I don't want to be stuck with trying to find a buyer for this area. He did say that they were looking to let it go for $10k, but I'm not even sure that would even be possible. I left it with him that I would call him back when I was able to come up with some numbers on repairs. He thanked me for coming out to meet him - apparently another potential investor never showed up to the last two appointments he made, so he was appreciative that I came like I said I would. This made me feel pretty good. :)
I think what I will do is to call him back and ask him what their rock bottom number is that they would take for the property, and explain that I could not make an offer at this point because the repair figure would be too large for me to work with, but that I would keep in touch with them and also keep an eye out on the buying activity in the area to see if there might be other potential buyers that might be interested.
I still need to call a couple of contractors to come out to give me estimates for the estate house, and I hope to do that Monday. I've been gearing up for my Mom's visit over Christmas, so that has gotten me sidetracked a bit. Plus, I'm going to see about calling some of the landlords in the area to see if there is any interest in the Mill House and what they would be looking to pay for homes in these areas...if it works out, this could be a good wholesale flip.
I got my local newspapers today, and was pleasantly surprised to find that I can pick up the Spartan Weekly for free in front of the Dollar General in town. I thought it was a fluke, because they had them out last week, but they had them out this week as well. So that will save me the $20 per year for a subscription. I'm going to sit down and get the research done this week, but won't mail out the letters until after Christmas.
I also need to update that I read Steph's Ebook and it is definitely a must read! Get it, get it, GET IT! You will not regret it! (Hey that rhymes! LOL)
If I don't update beforehand, have a Merry Christmas!!!
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Ingrid, good stuff! Don't forget that you can ALWAYS get an option contract on the house. I can give you a copy of the one I use which makes it clear that you're looking to wholesale the deal. You can get an option on it for maybe $7-8K and then market it and see what happens. No risk because an option gives you just that...an OPTION to put it under a real contract at the agreed price in a certain amount of time.
ReplyDeleteThanks Shae! That might work. I haven't seen any options recorded at the Register of Deeds office...I wonder if they are used in SC? Anyway, I'll send you my email through facebook if you can email it to me, that would be great. :)
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