Fix my house up for me! Do you get these calls?

By
Real Estate Broker/Owner with Turn-Key Properties LLC, Missouri and Kansas Real Estate

Do you get those calls?
Dear Realtor, or Dear property manager;

I've got this broke down shack that needs a complete remodel, but I don't have the money to do it with. Can you please get it fixed up for me and sell it or rent it out?

After it sells or rents, you can keep what you spent on it and I get the rest!

This is a win-win for both of us and you are just not seeing the great opportunity I am presenting you! You buy the materials, remodel the house and with your skills as a real estate professional or property manager we will both profit from our relationship!No Money

Or, the one I really love.... I just bought a house on the courthouse steps for $1,500 and I need someone to repair it and sell it for me! I haven't seen it yet but I've been told it should sell for about $60-70,000.

I just inherited my relatives home, they lived their for 57 years and it needs some work, if you fix it up and rent it out you can recapture your investment from the rent!

My response, I have the crews, contractors and ability to make any kind of repairs to your real estate investment. I am not a bank and any materials or labor performed will need to be paid for before or at the time of completion. If you cannot afford to make the repairs to the property, I suggest you try to find a lender who will loan you the money to make the repairs.

I even got a call once from a guy who had moved a whole house to a new location, he wanted to know if we could just finish placing it on the foundation and making all the repairs so that we could rent it out! In his mind it was a win-win, after about 6 years of rent we might break even, if we charged no interest!

Kansas City Property Management

Kansas City Investment Property

Bates County Real Estate

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Tags:
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Rainer
75,263
Vanna Siackhasone
Real Estate Brokers of Alaska 907-720-4663 - Anchorage, AK
Anchorage Real Estate 907-720-4663

Wow, what stories!

May 11, 2009 08:55 AM #1
Rainer
129,065
Justin Ukaoma
Vizion KC - Kansas City, MO
Kansas City Real Estate Investments

Surprisingly I don't get many of those calls but I've gotten a few.  Some people are so silly that they don't even realize what they're asking.

May 11, 2009 03:26 PM #2
Rainmaker
1,238,846
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I'm VERY picky about the properties I take and when I get the suggestion of such a scenario, I refer them to a local property manager with a construction crew OR suggest they check Lowe's (#48) or Home Depot (#20) for their repair and financing options....and THEN get back to me after the work has been done.

Partnering with good repair and service firms who take care of my properties, residents and owners also means that I need to take care of them so I would not provide my vendors' names if I felt that payment would be a problem!!

 

May 11, 2009 10:48 PM #3
Rainmaker
254,432
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

Each case is different.  I know that most of these situations have owners involved that are too risky, but I have worked on that basis with seasoned clients and with some new ones with mulitiple properties and therefore many income streams and it has worked out.  

May 17, 2009 11:07 AM #4
Rainer
234,048
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

We are bombarded by these calls!  As a matter of fact, the last post we wrote, "Lead For Property Management" shows the picture of one of these!  LOL 

As Wallace and Robert said though, each case is different, so one would have to weed through to see what fits the clientele.  I am able to disburse some of these leads to our agents who have their own established people.  I have a personal mission to get affordable houses to those on small incomes... IF ONLY we could get the correct mixture of suppliers, vendors and lenders we could get folks OFF of the government's payroll and they can contribute their share of paying taxes through of ownership!

...excuse me if i vented excessively on YOUR post.... just had to get that off - please delete if you are offended... thanks!

Diane 

May 18, 2009 06:47 AM #5
Rainer
273,383
Irene Tron
Valparaiso, IN

Gee, you don't jump on these opportunities? :-)

Makes you wonder what people are thinging!

Have a great day

May 18, 2009 07:52 AM #6
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