How it Works
Why we're doing it:
Obviously, we're buying and selling houses to generate work for our crew. It also has the added benefit of helping people that need to get out of a bad situation and don't know how. If you're stuck in a home that needs repair, but your credit isn't good enough to get a loan for the cost of the repairs, it can be a scary situation. We can help. If you inherited a house that's too far away for you to deal with, we can help. If you can't pay your taxes and are about to lose your house to the city, we can help. If you have bad tenants and just want to retire to Florida, we can help!
What we're doing:
We will buy your distressed property for cash. We can close quickly and smoothly. There are no long drawn out bank approvals. However (There's always a catch, isn't there?) we are not paying retail. We are paying wholesale prices, not what your house will be worth after we fix it, but what it's actually worth now.
Consider this... if your house retails (would sell for through a Realtor after it's all repaired) for $250,000, but it's going to need $50,000 worth of repairs and upgrades to sell for retail in today's market, then we are not going to pay you $200,000 for the house. We have to look at the actual cost of repairing and selling the house. I need to factor in the $50,000 in repairs, holding costs (property taxes and interest on my Investor's money, lawn care and maintenance while listed for sale, etc), Realtor commissions on resale, closing costs (title fees, insurance, etc), sales taxes, and income taxes just to name a few. Plus, there's no guarantee that it will sell for $250,000.
The reality is that we would probably pay somewhere between $90,000 and $100,000 for that house. We need to be able to sell it quickly once it's repaired, therefore, we need to sell it below retail! We're not going to list that house for $250,000, we're going to list it closer to $200,000 to get it to sell fast. There's a lot of competition out there! We need to list cheaper then all of them to avoid as much of the holding costs listed above as possible.
Basically, we're buying distressed property at or below wholesale prices and selling them below retail prices.
Distressed properties include:
We're only looking for properties in southern NH. Highest preference is given to the houses from Nashua to Salem and north to the Manchester area, but we'll consider the seacoast as well. We want to stay near the highways, they resell faster.
Obviously, we're buying and selling houses to generate work for our crew. It also has the added benefit of helping people that need to get out of a bad situation and don't know how. If you're stuck in a home that needs repair, but your credit isn't good enough to get a loan for the cost of the repairs, it can be a scary situation. We can help. If you inherited a house that's too far away for you to deal with, we can help. If you can't pay your taxes and are about to lose your house to the city, we can help. If you have bad tenants and just want to retire to Florida, we can help!
What we're doing:
We will buy your distressed property for cash. We can close quickly and smoothly. There are no long drawn out bank approvals. However (There's always a catch, isn't there?) we are not paying retail. We are paying wholesale prices, not what your house will be worth after we fix it, but what it's actually worth now.
Consider this... if your house retails (would sell for through a Realtor after it's all repaired) for $250,000, but it's going to need $50,000 worth of repairs and upgrades to sell for retail in today's market, then we are not going to pay you $200,000 for the house. We have to look at the actual cost of repairing and selling the house. I need to factor in the $50,000 in repairs, holding costs (property taxes and interest on my Investor's money, lawn care and maintenance while listed for sale, etc), Realtor commissions on resale, closing costs (title fees, insurance, etc), sales taxes, and income taxes just to name a few. Plus, there's no guarantee that it will sell for $250,000.
The reality is that we would probably pay somewhere between $90,000 and $100,000 for that house. We need to be able to sell it quickly once it's repaired, therefore, we need to sell it below retail! We're not going to list that house for $250,000, we're going to list it closer to $200,000 to get it to sell fast. There's a lot of competition out there! We need to list cheaper then all of them to avoid as much of the holding costs listed above as possible.
Basically, we're buying distressed property at or below wholesale prices and selling them below retail prices.
Distressed properties include:
- Houses that have been sitting vacant.
- Homes that you may have inherited from a deceased relative and need too much work for you to sell it.
- Properties that require repairs before they can be sold through "traditional" channels.
- Homes that are about to be foreclosed on.
- Houses that have bad, non-paying tenants renting them.
- Properties that have tax liens.
- Houses that are R.E.O. (Real Estate Owned)
- Homes that have already been foreclosed on and are now bank owned.
We're only looking for properties in southern NH. Highest preference is given to the houses from Nashua to Salem and north to the Manchester area, but we'll consider the seacoast as well. We want to stay near the highways, they resell faster.
