Cashflowing House I Am Assigning!!!

Cashflowing House I Am Assigning!!!

Hi everyone!

I have a house that I am assigning. This house is going to have some major equity and cashflow! My partner told me to keep this one for us but, since I am trying to buy a big commercial building I have decided to assign this one. Here are the details.

Purchase price: $47,000
Total Rehab cost: $7,000
Total Investment: $54,000
After Rehab Value:$80,000
Equity after Rehab: $26,000
Percentage of Equity: 32% !!!!
Monthly rental income: $875/month
Monthly taxes : $150/month
Monthly Insurance : $35/month
Monthly Management : $80/month
Monthly Mortgage : $360/month (This is on a 100% finance)
Monthly Cashflow : $250/month !!!

Details on the house.

2938 11th ave C Moline, IL 61265 (good neighborhood)
3 bedroom 1 bath with basement
1,030 square feet
I have already had the property professionally inspected with a whole house inspection.

If you decide to manage the property yourself then your monthly cashflow will be over $300/month! Also, I figured the cashflow by doing a 100% refi after the rehab was done and the property was rented out so the R.O.I. on this investment will be INFINITE!!!!

You can do the rehab yourself to save money or I will handle the rehab for you with my crew for $7,000. We can have the rehab done in 15 days.

This house will go fast and I am looking for someone to be able to close on this house on October 10th. A cash buyer will also receive a $1000 bonus from me at closing!!! Cash buyer meaning someone that has cash on hand or a credit source they can tap (HELOC, Line of credit, credit cards, etc.)

The last house I assigned went in ONE DAY! Please do not hesitate on this one. If you are serious email me at cbrpower@mchsi.com

Good Luck!

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


I wanted to add...

The rehab cost of $7000 is with labor included. This house needs flooring and paint and minor kitchen and bath upgades. I use frize carpet (which is the most popular carpet right now) and canvas tan wall color combined with ultra bright white semi-gloss trim paint. The ceiling's are a flat white. The houses I rehab look amazing when I get done with them.

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


I've seen them.

They do look great!!
That's an amazing offer, cbr. Is the assignment fee already included in the purchase price?

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


yes

yes the assignment fee is already included. thanks for asking0great question.

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


Question on percentage of equity

How do you figure that number? Where or how do I do this? Sorry to sound dumb but I need to know.

Thanks again

Beth


Beth

I estimated the value of the house after the rehab was done, then I divided out the total cost of the project by the estimated value. My estimates are always spot on. I have done over 30 of these rehab projects so after a while it becomes pretty predictable.

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


cbr, what more can i say.....

there ain't much more i can say! Exept that i wish i lived a LOT closer to you, you the man.....It's your WORLD and I'm just living in It!

__________________

YOUR HERO, SULLY


actually Sully....

actually Sully....you are probably smarter than me. Some of the stuff you come up with leaves me scratching my head. Once you become fearless you will be a force to be reckoned with. ME...I am just not afraid.

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


God! i hate......

it when you tell the TRUTH,lol, No but seriously, you REALLY think i'm that good? Cause i think that your HERE and i'm

HERE Sticking out tongue

__________________

YOUR HERO, SULLY


It's true, Sully

Listen to the man. You've got so much potential!!!

btw, CBR, you are brilliant.

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


Sully

You are one of the most knowledgable people on this sight. Now just start converting that knowledge into...CASH!

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


Sully

Fear or caution increases with age. It is something we need to overcome. In my youth, I would try anything. I don't have as much recovery time now, if I do make a mistake, so I am much more cautious. If someone knows how to overcome this, let me know.

Al

__________________

"NOW GO FIND A DEAL"

Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.

Frank Outlaw


Excellent

Words to live by, if were lucky someone will learn from these words!

Beth


Hey CBR

Nicely structured deal above. Did you get your buyer off of this website or off of your e-mail blast? I have a deal that is about to hit and was just curious if posting it on this site would be good.


Stepping up

I got my buyer through my email blast but there are several qualified buyers from this site I would have assigned this deal too. However, I worked off of "first come, first serve". I think someone should be rewarded for making quick decisions in the real estate arena.

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


cbrpower

How can the assignment fee be in the contract price? If you are assigning a contract you have with a seller, there can not be any changes made to the original contact!

__________________

If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125


tflood

Actually tflood you are right. I didn't realize this mistake until friday afternoon. It has easily been fixed. I had my attorney draw up a document that my buyers have signed and sent my company a check for the the assignment fee plus my deposit.

__________________

You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!


WOW CBR

Those figure look great! You found a really profitable deal here. Thank you for sharing all the numbers and figures with us.
You are also right about Sully...he amazes me too with all his knowledge.
He sometimes has me wondering how did he figure that out!

On my contracts I put my fee in them for the end buyer to pay to the title company. But I have a funding source that actually buys the house in my name. After tomorrow I should have 4 contracts on 4 different houses.

CBR always says to get out there and do something. He is so right. After you get out there everyday and place those offers you will have so many houses you won't know if you are coming or going.
Thannks Matt!
Sissy

__________________

"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"

"SUCCESS WALKS HAND IN HAND WITH FAILURE"


facts reduce fear

For those of you who have yet to jump in..educate yourself (but don't overanalyze the heck out it). I feel very strongly that we are nearing the bottom in the real estate market. I was a stockbroker in the technology boom AND THE BUST. When nobody was buying..the smart ones were bargain hunting and picking up deals. Same is true in real estate. IT IS HARD to be optimistic in a pessimistic world but those who are, flourish!

One thing I have done..just this morning is put together a spreashsheet on the # of foreclosures that have happened in the areas I look to buy..not for me but my pessimistic significant other who can always find the reason why it won't work. It helps to show what is happening. I also look at what happened with many of the early ones. Many were re-sold for much higher even as the market was continuing to decline. Showing things like this to my boyfriend has started to help make him a believer..he actually encouraged me to make an offer last week on a REO when two months ago, he was yelling at me "NO MORE HOUSES!!".

__________________

"Whether you think you can or can't, you are probably right" Henry Ford


re: When you divided the cost by value

What do you get when you divide the cost of the project (7,000)
divided by the value after rehab (80,000). Is that how you do
it and then gets you what? Eeeeek! Your method is easy but
I need to know by a visual and then what you got from it.

I would appreciate a recap on this.

Thanks,
kgreen

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greenacres


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