Garage Sale Toolkit
First things first Always start cleaning a vacant property from the front sidewalk and work your way to the rear property line. You should always start your cleanup from the front sidewalk to enhance the property's curb appeal and make it more visible and enticing to prospective buyers passing by. Here is a sequential listing of how you should clean up and secure a vacant property
If you do not have the time or desire to clean up properties yourself or you cringe at the thought of getting your hands dirty or a blister on your little pinkie finger, I suggest that you hire out your property cleanups to professionals. The best source of competent cleaning professionals that I have been able to find is retired construction workers. Here in Florida, there are a lot of retired construction workers who are always looking for part-time employment. And for the most part, these guys do top-quality work at fair prices, which are a fraction of what a cleaning contractor would charge. In addition to hiring retired construction workers, you can visit construction job sites and ask laborers if they are interested in what is commonly called side work. Once you find laborers who want to work for you, ask them to provide references from people they have done work for in the past.
Take immediate action to clean up the public areas lobby, halls, yard, etc. Unkempt and neglected public areas will turn off prospective tenants and may cause your present tenants to move elsewhere. Most public areas can be cleaned up for 100 or so. 4. Visit and inspect each apartment in your building offer the tenants in the apartments that need work the right to do minor cosmetic repairs with materials supplied by you. Using this approach, you will often find that tenants are delighted to clean up their apartments using your materials. Since the materials normally cost only about one-third of the total job of painting, carpentry, repairs, etc., you will be saving two-thirds of the cost. Meanwhile, you will find that most of your tenants happily accept your offer to supply the materials.
Their problem properties themselves usually do a pretty lousy job of marketing and end up with no takers. They do not know how to conduct market research to identify prospective buyers who could possibly have a use for their property. And luckily for us savvy option investors, they usually fail to look beyond the borders of their own local real estate market for so-called niche investors, who specialize in buying properties with every imaginable type of problem. These niche problem property investors run property wanted ads in professional real estate trade publications and newspapers with national circulations, such as the Wall Street Journal and the New York Times. For example, I have resold options on two problem properties that were contaminated with hazardous waste material to niche investors who specialize in cleaning up contaminated properties, whom I found through ads in trade publications.
They get their check at close and move happily on to their new life in New Jersey. What is the best possible outcome for the buyers, the Browns They pay a fair price and get a home that meets their needs. All material facts about the property are disclosed to them before they buy. What's the best possible outcome for you In addition to that nice commission check, the Johnsons and the Browns are both so impressed by your consummate professionalism, hard work, creative problem solving ability, and integrity that they say nice things about you to all their friends and associates and vow that in the future they would never work with anyone but you. Don't become so involved in fighting the agency alligators that you forget that your primary job is to tidy up the swamp.
Explain that you'll have expenses when you take over. Such costs can be clean-up, painting, redecorating, ads for tenants, or other items. Tell the seller you need 3 percent of the price of the house for repairs. Ask for this amount in cash to be given to you at the closing. Where the house is being sold because of divorce, death, loss of job, or other reason, many people will be happy to pay this amount to get out from under. This will give you your mortgaging-out cash for your single-family home which may be a stand-alone home, condo, or other home.
Without the cost of a weekly payroll. I know an option investor in Orange County, California, who specializes in buying options on properties that have been stigmatized by being the scenes of violent crimes. To find these types of properties, this investor has enlisted the help of the technicians who work for the companies that specialize in the grisly job of cleaning up crime scenes. This guy pays a 500 finder's fee for every property he buys an option on.
I recently completed a facelift for a twenty-year-old office building. The owner wanted to sell and felt a fresh look to the building would speed up the process. Without a huge budget, we knew we had to rely on color and landscape to do the trick. We selected exterior paint colors to work with the existing natural stone and brought in a landscape architect to accentuate the building's best attributes. He suggested we clean up the entry by reducing the number of overgrown plants, replacing them with smaller, easily maintained varieties. This gave the building a cleaner aesthetic as well as an enticement to potential buyers who were looking for less exterior maintenance. He also worked to accentuate the main entries of the building, leading tenants and visitors to the entrances with ease.
I asked my father for help, so he spent two weekends with me, driving neighborhoods and reading want ads in the newspaper. We finally found something that sounded interesting. It was a small ad by an attorney who represented a widow that wanted to sell two houses for 15,000. AS IS. We went and looked at them, and I was completely not interested. They were in an older neighborhood in Phoenix and needed lots of clean-up work.
Under CERCLA, a current landowner can be held liable for the cost of cleaning up a hazardous waste site even when he or she didn't create it. The current owner can then try to obtain reimbursement from the people who originally created the site or from the Superfund itself. The term retroactive liability also is used in connection with CERCLA and the Superfund. It means that all previous owners also can be held accountable for the hazardous waste site.
Can you remember as a child the thrill of being told that you could get your own pet animal Weeks of anticipation would culminate in the wonderful day when you finally received your pet. Two weeks later, however, the reality of having to feed it, wash it, groom it, and clean up after it set in. Suddenly, the notion of owning a pet was not so glamorous anymore.
The option agreement is signed and notarized. You will find that most owners of vacant, run-down properties will welcome your offer to clean up their property, especially if the property has been cited for violations by the local code enforcement department. Over the years, I have had only one property owner balk at giving me a 500 cleaning credit toward the option fee. And when it happened, I turned around and refused to sign the option agreement until the property was cleaned up.
Budget Calculate a budget by using a bottom-line mentality, which is based on exactly what needs to be done to maximize the property's visibility, accessibility, curb appeal, and resale value and nothing more. In other words, when you calculate your cleanup budget, use the bare minimum amount of money necessary to obtain the maximum return on every dollar spent cleaning up the property.
The very first thing that you should do when cleaning up a property is to have all of the loose trash and debris swept and raked up and put into heavy-duty 42-gallon plastic bags. And then have the ends of the bags tied off with tie wire so that the trash does not spill out when the bags are picked up. I use Husky Contractor Clean-Up Bags, which are available at Home Depot and Lowe's stores nationwide. But when you have a large amount of trash and debris that needs to be removed from a property, it may be less expensive to rent an open-top, roll-off solid waste container, better known as a dumpster. Dumpsters are available in sizes ranging from 10 to 40 cubic yards. For example, here in Tampa, I can rent a 20-cubic yard container for seven days for 289, which includes pickup and delivery. But I have to pay an additional 45 per ton when the container is hauled off. And when full, most 20-foot containers weigh between 3 and 4 tons. I ended up paying 469 for the last 20-cubic yard...
Perhaps the biggest risk in any property investment is that there is an environmental hazard that will be expensive to clean up. Reviewing the history of the property and contacting the EPA and state department of environmental quality about possible environmental problems is essential in any property investment,
I Increase your productivity by increasing your intensity. Give yourself deadlines with no option for procrastination. If you know you need to accomplish a lineup of goals over the course of a five-day workweek, your focus will automatically zoom in, you'll sweep away distractions, and you'll get the job done in the time allowed.
I know there's one major drawback to these open houses they take some time. You're going to have to take an hour before to prepare and an hour afterwards to clean up. But there are a lot of benefits. We're showing the homeowners that we're working for them. It's great for you, because if you're selling yourself to your colleagues, it's an opportunity for you to say thank you for what they do for you. But most important, it gives you that quick exposure and spotlights that house.
Choice a is clearly incorrect. A fifteenth-floor furnished unit, leased seasonally, will command more money than an eighth-floor unfurnished long-term lease. Tenants who rent for the season pay a premium for the fact that the landlord is leasing a unit with furniture (and, in most cases, all the extras, including linens and dishes) for a short time only. The units get more wear and tear, and the landlord has additional clean-up expenses each time the tenant moves out. These are incorporated in the rent. Also, a seasonal unit is not a comp. We are looking at long-term unfurnished
Lenders normally clean up title problems, evict unauthorized occupants, and bring all past-due property tax payments and assessments up to date. Some REO lenders, too, permit their buyers to write contingency offers subject to appraisal and professional inspection. Buying an REO typically presents no more risk than buying from any other property owner.1
So I blindly put my heart, soul, and sweat equity into cleaning up the place. First, I got rid of the junk in the front yard by calling a junk dealer who took everything away for free so he could sell it for scrap. Then I got together with some friends and hired the cheapest laborers I could find. Together we fixed all the broken windows, the front door, and the porch. My contract with the owners allowed me to evict some of the worst tenants, so I got rid of the ones who were unwilling to be part of the massive cleanup.
Insiders Guide For Making Money with Garage Sales
Someones Junk Is Someone Elses Treasure. Attending A Swap Meet, Garage Sales or Setting Up A Booth At A Flea Market Can Be Fun Exciting!