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Author Topic: Just bought a rehab home today  (Read 11359 times)

Offline black95gt

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Just bought a rehab home today
« on: July 15, 2005, 12:32:28 pm »
Well i just bought my 2nd rehab home today for $9,000 but have some questions here.  I paid 9000 on my credit card at a rate of 3% up until April 2006 (This gives me time to rehab it, sell it, or refinance it.  The question i have is, I am paying cash to a seller that has the property paid off.  I am needing to know how to get the property into my name, register the deeds and all that good stuf.......I dont want to go through a lawyer if I dont have to.  Can anybody help me here?


Thanks
ANdy

Offline kdhastedt

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Re:Just bought a rehab home today
« Reply #1 on: July 15, 2005, 02:44:23 pm »

Did you close on 'the kitchen table'?  You should have closed the transaction like at a title company or something...i which case, tehy should have charged you the appropriate fees and taxes to file.

If not, this is not really a first-timer's do-it-yourself project.  If it is not properly filed and registered, there could be huge problems down the road.

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline black95gt

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Re:Just bought a rehab home today
« Reply #2 on: July 15, 2005, 03:05:00 pm »
yes it was a kitchen table deal, but i only gave thema  $100 good faith deposit and the rest to be paid in full on Thursday.  This is to be waiting for the funds to get into my account, and also to make sure there is no leans on the property and also to figure out how to get this all in my name so that there is no problems.......but i will call a title company this afternoon to find out what all needs to be done.

Thanks

Offline kdhastedt

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Re:Just bought a rehab home today
« Reply #3 on: July 15, 2005, 03:23:01 pm »

I think to have the title company close it will be a few hundred dollars well spent!

...and it's liens not leans!!!   Just pronounced the same...but for $9,000 it could possibly lean, too!

Have a good weekend!

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline TamiSpartan

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Re:Just bought a rehab home today
« Reply #4 on: July 15, 2005, 05:30:57 pm »
If not, this is not really a first-timer's do-it-yourself project.  If it is not properly filed and registered, there could be huge problems down the road.

Keith

HUGE problems -- get with a title company (lawyer in GA) and get it done correctly. Also purchase title insurance -- it's very well worth it. Nothing like someone knocking on the door in three months and telling your tenants to get out because they just purchased the house on the court house steps from a lien that has been foreclosed. Or you go to sell it and the Lender's title company can't prove clear title, then you are in a clouded title situation which can be costly and timely to fix. Let the professionals do this for you the right way. You'll thank us down the road.

CYA on this one  And Congratulations!

~Tami

Offline evergreen

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Re:Just bought a rehab home today
« Reply #5 on: July 15, 2005, 06:57:45 pm »
Did you buy this at auction like Ebay or one of the other places?

I would follow the advice already given here or walk.

Good luck!

Offline black95gt

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Re:Just bought a rehab home today
« Reply #6 on: July 16, 2005, 08:58:48 am »
the seller took the abstract to the title company and then i am having my lawyer do a title opinion on it next week.

This was an add in the paper that i responded too.  It was an old couple about 85 years old that rented it out and the renters trashed it.  THey dont want to put any time or money into it so i low balled them a 9000 offer and they took it.

I should be able to sell it for 15-20k as is to an investor.   If not i will rehab it myself and be able to sell it for around 40-45k after puting another 10k into it. Its a win win situation.

Offline evergreen

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Re:Just bought a rehab home today
« Reply #7 on: July 16, 2005, 02:25:24 pm »
That's cool.

I only asked because 9k seemed very low. This in like Ohio?

I see lots of homes/duplexes for sale on auction houses for 5-10k in Ohio and upstate NY (Buffalo).


Offline kdhastedt

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Re:Just bought a rehab home today
« Reply #8 on: July 16, 2005, 05:46:07 pm »

Sweet deal, Black -- need to find a dozen or so more!

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline molarband

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Re:Just bought a rehab home today
« Reply #9 on: July 17, 2005, 07:19:20 am »
where the heck canvyou buy a house for $9000?  I am moving there.

Offline Dan732

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Re:Just bought a rehab home today
« Reply #10 on: July 17, 2005, 10:30:43 am »
That's cool.

I only asked because 9k seemed very low. This in like Ohio?

I see lots of homes/duplexes for sale on auction houses for 5-10k in Ohio and upstate NY (Buffalo).



Ever check the HUD listings in Buffalo? You can buy a home for a buck! Granted you are buying in a war zone.

Offline black95gt

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Re:Just bought a rehab home today
« Reply #11 on: July 18, 2005, 08:10:46 am »
I bought this in Sioux City Iowa.  Houses are very cheap here

Offline TamiSpartan

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Re:Just bought a rehab home today
« Reply #12 on: July 18, 2005, 08:13:40 am »
Ever check the HUD listings in Buffalo? You can buy a home for a buck! Granted you are buying in a war zone.

LOL!

Nice deal Andy!
~Tami

Offline black95gt

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Re:Just bought a rehab home today
« Reply #13 on: July 18, 2005, 08:18:25 am »
I bought it from an old couple, actually i stole it from this old couple, and i think i can easily get between 15 and 20k by selling it to another investor.

My quesiton for any of you is....should i try and just make about $6k now, or should i remodel it (aproximate 10k) and be able to sell it for 35 -40K and make $20k. It would take me about 1 month to rehab it (doing it on the side) and who knows how long to sell it......im just thinking to rehab it to make me better at doing this kind of stuff, but i also like the idea of making $5-10k for doing about 3 or 4 hours worth of work if that.

Offline telarsen

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Re:Just bought a rehab home today
« Reply #14 on: July 18, 2005, 08:08:44 pm »
It's your 2nd house, I'd sell it as is until you get more properties bought/sold, more experience and better at rehabbing (what you think is 10k could turn out to be 25k.....profit gone!)

Good luck
Tom Larsen,
President,
Larsen & Associates Insurance Agency Inc.
(716) 684-3203
[email protected]

 




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