136. We Buy Houses Cash As Is And Close Within The Day Of Your Choice.

The seller has house for 15 years and still with the same roof is hard to find a retail buyer.

Hello again, my name is Chris Russo with 123soldcash.com. We buy houses cash as is condition and close within 30 days or day of your choice. Let me discuss on a new deal that I purchased. A guy called me two days ago from my TV commercial. The property is on the beach. It’s about a block or two from the ocean. Great area, but the property needs a lot of work. He has been asking, I think, on for sale by owner for like $450,000. So I took a look at it. It’s a two-story townhouse. So right off the bat I said, “Okay, what’s the association fee?” and so on. He said, “There is none.” So it’s like a single-family home but apparently it’s a townhouse. So I looked at it and he said it totally needs updating. The top is a two bedroom, one bath, and then the bottom is another, it’s a half a bath. So obviously I said how old is the roof? He said it’s more than 15 years old. As you know if it’s more than 15 years old, we need to replace the roof. Plus it’s hard to get a mortgage and it’s hard to get insurance if it’s more than 15 years old. So automatically it needs a roof and something like that you’re looking at about 20-25 thousand dollars. Also the central air does not work. It needs tile, carpet, kitchen, bathroom. It totally needs everything. But the thing I like about the deal is that it’s in a very good area. So it’s like one of the worst properties in the area as far as the condition, but it’s in a very good area. So what happened is he was asking 450, like, you know, everybody, they want to get as much as possible. Now, eight months ago, seven months ago, we probably would have got close to it. But since now the rates have gone from 3% to now like 6%, 7%, now it’s turned from a seller’s market to a buyer’s market. So I looked at it and originally I offered him like $280,000 and he countered at $360,000. So he’s asking $450,000 trying to sell it by and then he countered at $360,000. And so then we came, went back and forth, back and forth. So I finally end up purchasing the property for around I think $330,000. Okay, so I sent him the contract yesterday via email through a document sign. Soon as I get it back, I’ll start working on it. Probably close within 25 to 30 days. We’re gonna have to do a title search and a lead search, check to see if there’s any open expire permits, any code violations. Once I close, then I’ll start rehabbing the property. So the great deal again about this is that it’s the location. You ever heard location, location, location? So that was the deal I got the other day and it was from my TV commercial and looking forward to the project. So, I’ll catch you on the next video and that’s it. Thank you very much. Have a good day. Bye bye.

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