OfflineHeres the deal i am working on...
This deal I found on Craigslist in Miami, this lady is selling her house @ 130k and I tried to put in several offers and none of them worked she wasnt taking anything less than 130k and didnt want to talk to me if i wasnt going to take it. So i entertained her asking price and asked her why she was selling her mom died. Basically a probate property. Im going to find out more details tomorrow and ask her if shes the legal owner ect ect....She told me what needed to be repaired, its also a light to moderate rehab needing 45k to fix up...I looked at the comps and property records and the property is worth 235k, and comps are showing between 275k-318k so now im seeing why shes not budging on her asking price, she already has it priced well below market value. What do you guys think of these numbers?The value is there, i just know it. I hope the buyers see it there as well...
Ap: 130k
pp: 130k
Bp: 147,500k
Repairs: 45k
ARV 265-280k
Potential$$$: 72-82k
Is likely some reason she has it down that low already. You can then talk numbers after seeing repairs needed, neighborhood, and doing other due diligence, such as back taxes owed, etc.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Don't forget a couple of things when you market this property (when you get it under contract of course)
If you are planning on wholesaling the deal the price to your buyer will not be $130,000. More like $140,000 right?
Don't forget your buyers holding, closing, selling and money costs come out of that potential $$$ number you have there. Figure that in for your buyers TRUE NET profit.
All back taxes and this years current taxes are to be paid by your seller at closing. This years taxes will be pro rated of course.
Do you have any buyers for the property? AndyS might be able to help you out.
Good Luck,
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
DOES ANY BODY KNOW HOW TO WORK THIS IN THE PROPER WAY?
Yes I have a buyer for it...
of NOT LOW Balling offers
WTG Vonny!! Listen to the sellers! and do your homework(research) and SOLVE their needs.
I hope it all works out for you!
You've been working really hard and you DESERVE it!!
This deal I found on Craigslist in Miami, this lady is selling her house @ 130k and I tried to put in several offers and none of them worked she wasnt taking anything less than 130k and didnt want to talk to me if i wasnt going to take it. So i entertained her asking price and asked her why she was selling her mom died. Basically a probate property. Im going to find out more details tomorrow and ask her if shes the legal owner ect ect....She told me what needed to be repaired, its also a light to moderate rehab needing 45k to fix up...I looked at the comps and property records and the property is worth 235k, and comps are showing between 275k-318k so now im seeing why shes not budging on her asking price, she already has it priced well below market value. What do you guys think of these numbers?The value is there, i just know it. I hope the buyers see it there as well...
Ap: 130k
pp: 130k
Bp: 147,500k
Repairs: 45k
ARV 265-280k
Potential$$$: 72-82k
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Thanks Mike for the encouragement, i dont have anyone to talk to abo what i do besides my dad because he was an agent and i found out my grandfather was also an agent back in their day so i think he understands, but no one else will give me the time of day to give me any type of encouragement, oh yea an older cousin of mine is an agent as well so im basically a 3rd generation real estate pro...well up and coming anyways...but i really do appreciate it, its in my blood muahahahaha sorry lol...as you were....
if you could get a contractor in the property to give you an estimate of the repairs, you will be able to give your buyer a more accurate number; I wouldn't go by the number that your seller is giving you.
sounds like a deal with great potential!
you are doing great!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Ok, spoke with the seller once again i want the deal to go through, her agent will send her contract tomorrow and I will fax it back...the thing is, it is in fact a probate deal, its out of probate, but they are requiring a 10k deposit (as is expected with a probate) and a 7 day inspection...wont this hurt my and or the buyers profit? I dont want the buyer to walk out because of it....
This will not hurt profit. The deposit is applied to the negotiated purchase price.
Example: Buy price $100,000
Deposit $10,000
Money needed at closing $90,000
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
So she lowered the deposit down from 10k to 6500 thats good i guess...1k due at signing 5500 7 days hereafter....the buyers got it once i get everything in writing once my buyer says yes ill be good to go, my partners ggot the buyer...can you double close a probate?
Any update on this deal Vonny? Sounds like a pretty good one.
Good luck!
- Tom
No seems like it wont happen, cant get help with the $6500 so thats a deal im gonna have to pass on....thanks for asking though....17,500...lost...hey life happens...
Best regards,
Jevon...
Jevon - sorry to hear, any other approaches on the deposit? If you have a possible buyer, their money should be the deposit. All deposits, especially if it's not an REO, are negotiable, with even $1k being a solid deposit. See what your buyer has for a deposit and offer that amount to the lady.
Just brainstorming on it...
- Tom
welp guess I wont be making any deals happen until Monday, my phone is off for until then and i dont have the means to keep going back and forth to someones house to use the phone and get the messages...Besides rent is due and I dont have the rent nor am i able to take calls if a job calls...I felt like giving up last night with all that I was trying to do was failing so its best for me to get a job right now before Im out on the street again, cant go back to parents house, they wont allow it so my only job right now is to focus is to find a job while my phone is still on during that time....I gave my all for the time being time to put it on the back burner for now I guess...Ill still be lurking around but I probably wont see you guys until Monday when my phone is on...Dont mean to post my troubles but I just wanted to give you guys an update with whats going on....later...