So as a lot of you know who have been keeping up on my last post I have been trying to get a deal done for my personal house. I had an offer in on a short sale and was working on an older lady to sell me her house...
Well talked with her tonight. Went over to her daughters house where she is staying now b/c she is in a wheel chair and sat there and just talked to her for about an hour...
Property was built in 1958 and hasn't been updated since then. Majorly needs updated but is very liveable. Has new roof, windows, furnace, and kitchen cabinets.
The bad: Of course it needs updating, like the bathroom, electrical panel, carpet, and paint. The major thing is it has a foundation problem and I can't get a loan on this property until that is fixed.
3 bed 1 bath 1700sqft not including the full unfinished basement 1.25acres. Hardwood floors underneath all of the carpet.
County appraisal 130,000
So foundation is going to cost around 10,000
I offered 70,000 and she countered at 90,000. We ended up at 85,000 and she comes in takes her clothes bedroom furniture and a few other things and leaves the rest. Including all the appliances and most of the furniture... So I figured I can sell a lot of this stuff and make some money back.
But I have to get it fixed before i can actually buy it. Well we are going to move in and do a mini land contract I guess you could say. I'll pay her for the months, prob only about 2, that I have to wait for the foundation to be done and get the loan finished up.
I should have 95,000 no less the 100,000 in it by the time I'm ready to get it appraised and approved for the loan. This property is approved for USDA so I can go up to 103% of the appraisal value of this property(Thanks Jan). So of course I am praying for an appraisal to come back equal to what zillow or total view has it appraised at...
Then I can pocket some money, use that to fix some things in the house or if I can pocket enough I can buy another property and use it for cashflow...
So thats my plan Sorry for the book!!!
Hopefully everything comes through!!!
Wish me luck!