jean pizzoferrato
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Jackie
I love your idea and have some questions.If the buyer wants $150k for house–after negotiaing with them–
How much is the note I would write and how much would I get paid. I know
it depends on note, etc. but I don’t understand if discount the note to Bayview…
would you plz use an example. ThxJean
Basically I have no game plan. I have no idea what to do in my market. Prices continue to decline, the jobs are leaving and so is the population. There are sooooooo many homes on the market. There is one “We buy houses” ad in the paper and he says he has enough houses to choose from and doesn’t need to buy from a wholesaler. He buys in the inner city and it’s too dangerous for me to go into the city, especially since per capita we have more murders than any other city in the country.
I can’t move so I am looking for ideas.
Sorry I sound so negative but I know this is a great time to be buying houses and I feel as though I’m missing out on this great opportunity.
Jean
Northern Residential
If I put my property in a Land Trust and make the single member LLC the beneficiary then do I put it in my multi member LLC? If I do that do I put at risk any other proprty I have in the multiple LLC–Actually I only have one in there at this point. Also, does the single LLC then become the trustee and the multiple LLC become the beneficiary?
Joe
Thank you for all that information. When you say that single member LLC’s ae good for owning property which if then owned by another entity, could the other entity be a Multiple Member LLC? I don’t have a corporation yet.I have a tenant who told me that a friend told her that there is a book out about “How to Stick it to your Landlord. That made me feel real secure since I have this property in my name but it is going into a Land Trust this week and then into a single member LLC .
Thx for your help.
Hi Joe
I doubt if I can sell this property for the 50K that is owed on it. As I mentioned before the house next door is on the market for 18K and doesn’t need much work since it was recently rehabbed. It’s an REO.
If you want to drive by and you think you can sell it I’ll give you an option on it. But I think I’ve gone thru every investor in Akron.. Unfortunately I need 50K out of it but if you can sell for more, go for it.
Thx
Jean
Jackie
It is only about 8 miles north of where I live. It use to be the area where all the wealthy people lived when Youngstown was booming with all the steel mills. I like the idea that thie investors are interested in revitalizing the area. There is a very large park in the area that is very pretty. It’s also close to a hospital, so good area for medical professionals.
I appreciate everyones feedback.
Don
I have seen the area–it’s amazing what the guys are doing. They are very happy with the returns. There is a woman who manages everything and they also have very good contractors that are doing the work. they want all the properties to look good. I’m suppose to look at the paperwork next week. Only thing I dont like is I have to put close to 50k cash in the deal unless I partner with someone. I saw a house yesterday that was sold for 5k. It is just beautiful. Georgeous woodwork, beveled glass. It will take about 45k to fix up but it will be a beautiful house when completed.The university is growing and they are adding additional doctorate programs. Many students are coming from other countries and other parts of the country. I guess the tuition is lower and so is cost of living which makes it attractive.
Thx for all your suggestions.
Jean
Hi Don
The area has a lot of new houses on the street–it is an urban redevelopment area and that is the only reason I bought the property. I thought it would be an easy sale to an investor/landlord. But no one likes the area. Since the deed and mortgage is in my name the only thing I can do is get my partner to buy it for $50k and pay off the loan.
Don’t know if she will do it. This is the only property I partnered with her on.I got fired and I while I was attending a Steve Cook seminar and he said “congratulations”. It was the best thing that ever happened to me. One thing I learned in Corporate America “promise the customer everything and give them barely nothing!
If you have enough money spend it very wisely. You can learn so much on this site and Jackie is alsways here to help you.
You can even get a part-time job to tide you over. Don’t waste this golden opportunity.
Good Luck
Jean Pizzoferrato
Trying to sell it is virtually impossible. The house next door is identical and was rehabbed 2 years ago. It has been foreclosed on and there was minor damage done to the property–broken windows, etc. not more than 3k in damages. It is now an REO an
REO and on the market for $18,500 and still hasn’t sold. There are thousands of REOs and vacant homes in Akron.The worst part is my partner took out a loc for $50,000 that she needed for a few months and that was 6 months ago. Says she can’t afford to pay it back but is making payments on it. She decided to move people in so the tenants can help pay her mortgage with her half of the rent. Some of these dumb decisions were made when my mother was dying so I didn’t really pay attention to what she was doing. I have a meeting with her and want to sell her the house to get it out of my name. We’ll have to find a mortgage company that will finance her or a money partner. I just want out!
