OfflineI know we say a deal of a lifetime will com along every week, well here is my latest.
It is one of the properties I was looking at from the conference call assignment where I finally located the owner living out of state. They said make an offer so I did, they countered and so did I , I asked for Owner Finance they said no, so I had my agent explain to them that in order to sale the property on the market FHA they would have to make a ton of repairs, to even sale it Conventional hey would still have to do repairs because they would not finance a house without water pipes and most of the plumbing gone.
They slowly but surely changed their minds and here is hat I negotiated.
Down payment of 9936.15 waived in exchange for (instant equity on repairs) That means I do the repairs at my expense to the property in exchange for the down payment, which means I come up with no money down.
Offered = 60,000.00
Countered = 76,000.00
FMV = $79,000.00
My counter = 66,241.00
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ACCEPTED
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Purchase = 66,241.00
Repairs = 8,200.00
Plumbing repair
Hole in roof from limb falling through
Broken side walk
Window replacement
Re-tile Floors and pull up carpet
New bathroom and kitchen fixtures
New Paint and power wash
other minor stuff
TOTAL COST = 74,241.00
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ARV = 165,00.00 comp with neighbors
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Rent = 1475.00 comparable with neighborhood and sq/ft
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COST = 66,241.00
Mortgage Note = 505.41 (w/o PMI)
Interest = 7.0%
Note w/PMI = 626.41
CASH FLOW = 848.59
I have attached a picture if anyone would like to see it.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Well I definitely dont have the 5.2. At least the last time a looked at my bank statement I was a little short. haha, jk, my investor does though. She's in the process of building a 280 unit condo/apartment complex as we speak.
As far as seller, he actually approached me. I had a few listings out on craigslist and backpage. I've got the certified appraisal contract and everyting. The deal sounds pretty legtie, I just dont know if I should bother with one of that magnatude. I've just started studying this type of business and I'm sure there is a heck of alot involved with a deal that like that I wouldnt know about. What do you think Laura?? I guess you can never know unless you try right?? Who knows, maybe I could hit a jackpot and become a real estate millionaire on my first deal! HAHA, I like to dream
Thanks
Cory
when you're talking assigning a multimillion dollar deal - what IS your potential percentage?! I have never done an assignment so I dont know, but it must be an amazing number. I would encourage you to seek advice from more experienced people - here on this site, from a real estate attorney, etc. But man oh man - why not try? What does your investor think of it? If they have interest & money I would say dig into the details! As stated continuously throughout this site, remember to always protect yourself with exit clauses in any contracts and you can move forward with the option of backing out if necessary. You would have to make sure about building potential of property, no toxic dump sites, stuff like that of course....what an incredible learning process this could be! But just think - you COULD be looking at your bank account after one deal realizing your dream DID just come true!! I'm excited and nervous thinking about it and its not even my deal haha - but all I can say is if it were me I would go as far as I could with it and see what might come! Keep us posted and good luck!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Thanks Laura! I appreciate the words of encouragment! I'll keep you updated. =)
Cory
Where's your attorney in all of this?? Have you even consulted him/her re: this deal??? If not, it would be the prudent thing one could do in these matters. Much prosperity!!!
Anita - what an inspiring deal! Way to go!!! I love your idea to trade repair for down payment. Brilliant! I'm putting that one in my toolbox!
Gena
Blessings & Favor,
Gena.
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I can do all things through Christ who strengthens me. Phil 4:13
Psalm 1:1-3
Bringing back an old, but inspiring post
where art thou Anita ? 
Lenee
www.allstarhouses.com
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