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?
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.
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.
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.
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!)>>
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!
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