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
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
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
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
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!
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!
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.
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).
Sweet deal, Black – need to find a dozen or so more!
Keith
where the heck canvyou buy a house for $9000? I am moving there.
Ever check the HUD listings in Buffalo? You can buy a home for a buck! Granted you are buying in a war zone.
I bought this in Sioux City Iowa. Houses are very cheap here
LOL!
Nice deal Andy!
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.
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
Today’s war zone is tomorrow’s revitalization project. Just like what is going on in places like Baltimore.
If I could buy the home for 1k, I would just let it sit there until someone came out of it. 
If it was $1, I would buy the whole area
If you can flip it and make the easy cash, do it. Let it become someone else’s headache.
Try to save a few hundred now or maybe lose it all later? I really can’t decide 
<<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!)>>
No disrepect intended, Ted but if Black95gt wants to dabble a little in rehab, what better place to start than with a $9,000 house? As long as he keeps track of his spending, the house is basically sound and he doesn’t need to do any major mechanical replacements, it’s probably a great starting point!
My two cents…
Keith
And that is exactly my point right there… I mean what a better way to make 5 or 6k with about 4 hours of work. I mean i cant beat that…but like you say Keith I dont get the experience rehabbing the place and especially on a $9000 house. Ive done one rehab where i gutted the whole house…It turned out pretty nice, but some detail work that i could do a lot better on. I would prolly do the same with this house, put all new bathroom and kitchen in, Carpet and paint, and a few drywall holes to patch.
Maybe i’ll try and sell it for 20k and if i cant do that then, i will just rehab it myself. I just need to make sure i have it done by the middle of August to get it sold before winter…houses here dont sell well in the winter