Seller House Visit
I might the a seller at their house last night to look around and talk things over with him. The house is in a very desirable area of Morris Township and the street it is located on his also a very nice suburban neighborhood. It’s been vacant since March and needs a lot of work. The siding needs to be replace and probably the roof, but I’m no expert there so you never know. The inside looked solid enough, no water damage to be found or noticeable cracks. I did notice the floor in the entrance (foyer) seemed to have a hump in it. Had hardwood throughout, 4 bedrooms and 2.1 baths. It was a good size home.
The bad of it was…
- that the lot, while fairly large .5 to acres was very steep and was pretty much a forest.
- The central air unit needs to be replaced
- Kitchen needs to be gutted
- Bathrooms need to be redone
- Paint, refinish hardwood floors, and the rest of your typical things
The guy wants to get $400k out of it and has a few other contractors who are going to make him an offer. The comps to me say the ARV is around $550k to $575k. I did ask if he would be willing to take some money now, and get the rest a few months down the road in order to get his asking price and he wasn’t interested in that.
I’m going to give Jon a call today and work through the process of making an offer. For me, assuming my usual 50k in repairs My offer would come in around 315k to 332k ((ARV*.70) – repairs – profit). Which is about 80% of his asking price.
The owner lives in Virginia and will be back up here next weekend which would give me a chance to bring a contracter through the place if we are in the ballpark.
SI Lead Manager Software
I’ve been pretty quiet about SI Lead Manager (the software I’m creating to keep track of my leads and mailers) because I’ve been working hard to redo the way I handled scheduling, printing and keeping track of mailers. I’m in the home stretch and will be putting out an update this month.
Voice Mail Message
I had asked Shae (of Good Faith Investing)to record my voice mail message from a script I provider her. It is a very long script and she took the time out of her busy schedule to help me out and gave it back to me the next day. So I wanted to thank her for doing that for me.
I did however get in a little trouble with my wife cause I didn’t ask her to do it. Whoops! She got home from work last night and mentioned she read my blog and asked how come I didn’t ask her to record the script. Carey even suggested it, so this was my fault.
Have a good weekend everyone!
P.S. This was suppose to be a quick update, sorry it got a little long