:biggrin.
Hey people, I’ve got a different problem here. I have a contract on a property in the White Rock Village area of 75228.
The seller moved to California and still has ‘ALL’ belongings in the house including her 1989 Cadillac, “fully furnished” house. House is rent ready as-is with no repairs needed!
ARV $110-k
Rehab $10-k
Asking $80-k
So, what’s the issue? The house being fully furnished is none of your concern until you actually close. You can’t make the owner take stuff out of HER house.
Keith
Does your purchase contract include all furnishings? If not, can you get the seller to sign an amendment clarifying what stays?
If you rent out a fully-furnished house, you can get 2-3 times the rent of an unfurnished home. It just takes a different marketing strategy.
Buying it fully furnished is great, not a negative at all.
Furnishedowner
Yes, All furnishings stay and sold with the house, including the Cadillac. Yeah, it’s a good picture, I was just uncertain as to what I need from the seller. An amendment to contract would be the right move here.
Thanks for you’re positive!
As well, this one is still for wholesale.
FWIW, Depending on state law, you may need to have the title to the car to register or transfer ownership. In most states it’s not a concern for a car that old.
JP
Since the house has no repairs needed, is the 10k rehab for the Caddy? :biggrin
Use what you left mike. The property is for sale. $10-K rehab to be sale ready. Do you get yet??
Whoo, an '89 Caddy? That should fetch you what, five hundred bucks on Craigslist? Unless the furniture is cherrywood and leather, she should take it with her. I thought wholesale is supposed to be 50% of ARV in this market. Why is it as is if no repairs are needed?
NO CREATIVITY HERE! WHAT IS WITH YOU FOLKS? THE CADI IS NOT THE PRIZE, OR BECAUSE IT IS FULLY FURNISHED. THE 10-K IS FOR MINOR WORK TO SELL THE HOUSE. WHY THE DREAD? THIS ONE HAS GONE TO SOMEONE THAT HAS SOME VISION. I AM GETTING OFF THIS SITE OF NEGATIVE …
Ahhh…does it get any better? A newby asks a question, gets an answer, doesn’t like the answer because it doesn’t fit for him, cops an attitude.
HASTEDT Rule #8 - If you can’t stand the answer, don’t ask the question (http://www.reiclub.com/forums/index.php/topic,25929.0.html)
Here’s what you want to hear: “This is fabulous…go for it”
But, when reality strikes, remember, “You heard it here first” - no one is being negative. They are responding to your vaugely-worded description with realism.
Here are the generally-accepted numbers of the reality of your situation as YOU presented it:
Max Offer price = (ARV X 60%) - (Rehab costs + holding/closing costs)…using your numbers:
($110,000 X 60%) - ($10,000 + some amount of holding and closing costs)
Your Max Offer should be $56,000 less whatever it costs to hold it during rehab, less any closing costs that will incur when you sell it.
Keith
Never get emotional about making an offer. When you are in the process of buying you don’t care about any of the houses you are looking at. You go from house to house looking for a deal. When you find a deal you place and offer and keep on looking until one of the offers hits. Then you stop to do the deal. Never get attached to an offer until it is accepted. The offers are all the same as Keith listed above. You put the formula on to the house and make the offer it spits out. If the person does not take the offer you have no dog in that fight because by then you are deep into evaluating the one that actually accepted your offer.
Think of buying real estate like Tiger Woods picks up girls. You hit on girl after girl but don’t stop and pay attention until one of the girls you hit on shows interest in you. Once she pays you some attention you investigate or flirt with her to see if she will do the deed. If she will you add her to your harem.
Think of buying real estate like Tiger Woods picks up girls. You hit on girl after girl but don’t stop and pay attention until one of the girls you hit on shows interest in you. Once she pays you some attention you investigate or flirt with her to see if she will do the deed. If she will you add her to your harem.
Nice!
:lol :lol :lol :lol
…and then you finish 78th in the tournament.
Ooops, bad analogy.
Keith
You are right, but lhe at least beat 1 guy.
The blind guy with the seeing eye dog and the wheel chair