We Buy Houses from Burned Out Landlords
This Ranch Home was on East 78th Street
This home was a bank owned home that had been a rental property. Back in 2004 we bought a lot of homes that needed repair from the bank after they had foreclosed on the previous owner. In this case the previous owner was a landlord.
Because we bought this home from the bank, we really don’t know the story behind the home other than it was a rental. But typical of 2004, there were many people that were buying turnkey rentals, meaning the house was renovated and rented and then being sold as a cash-flowing income property.
Unfortunately back in 2004, there were a lot of fly-by-night operations selling turnkey properties on the premise that they had this amazing renter who would pay great rent. Buy a month or two after being sold, the renter was moved on to the next house. It seems the renter was in the employ of the fly by night company.
When the renter moved on, the rent stopped coming in and the brand new landlord, that was quite often from out of state had no idea or plan for finding a new renter. They were not collecting rent, so they stopped paying the mortgage and they ended up being foreclosed on.
We bought this one from the bank, it was vacant and it needed a few renovations:
- Fresh Paint Through Out
- New Flooring
- New Light Fixtures
- Updates to the Bathroom to Create a Shower & add Storage
- Fresh Paint, New Counters & a Few more Cabinets in the Kitchen
As we have been buying houses in Kansas City since 2000, we have come across a lot of different situations that need to be solved. While this house was a great outcome for us as we were able to buy it and sell it and make a profit, for the folks before us it was not the best. The previous owner was foreclosed and the bank lost a lot of money. Ideally, we would have been able to connect with the original owner and work with them and the bank to avoid the foreclosure altogether by
- Buying the house for cash and paying off the original mortgage note.
- Bringing the first owner’s payments current and taking over their mortgage payments.
- Negotiating with the original owner’s mortgage company to allow them to sell it for a short payoff.
- Buying the mortgage note from the lender, and then working out something with the original owner.
If you are a landlord having financial difficulties with a rental property or just are tired of dealing with rental property in the Kansas City Metro, please give us a call. We can discuss your options for getting the property sold so you can move on. Contact us with our online form.
