OfflineSo I have been reading Deans book: "30 days to real estate profits" and in doing some of the research on wholesaling seems I have found a really good deal that I have been researching for the last few weeks... It is a 3/2 - 1,600 sq. ft. single family home that is currently bank owned. The asking price is $40,800, and needs $9,500 in "cosmetic" rehab work. I am going to offer no more than $32,000 & the comps are running anywhere from $72,000-$85,000. I will try selling for $68,000-$72,000 ARV... I have created a spreadsheet recording these numbers as well with others. I have talked with 2 local investors, and one of them has some kind of grudge against this particular part of town (which isn't bad at all), and the other is very intimidated by investing in real estate. So if there are any lenders out there who are interested, I am confident & excited in making this work for a good profit as this will be my first deal of many in the near future.
Thank you very much for your time,
Eric
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just thought i'd bump to the top for people to see this today... haha
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"Whatever I will become will be what God has chosen for me." –Elvis Presley
How about using a transactional funding for the deal. Here is a link for funding on my site. http://www.nationalreihomes.com/funding.html
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.
Eric,
Someone might be able to put you in touch with cash buyers in the area.
Good luck.
William J. Halley
Hey femailceo.. Thank you for the link... is this your company...?? and I kind of wanted this house to be not only my 1st deal, but my own house that I buy, hold, flip, & sell or rent..... A wholesale will be my last option... Thank you for taking the time to look at my problem...
Eric
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"Whatever I will become will be what God has chosen for me." –Elvis Presley
Thank you for commenting on my post.. I am trying to get information on cash buyers here in my area.. I have my RE agent working on getting me a list as we speak and I'm hoping I can find one to help me out.. In the mean time.. I figured i'd take a shot here on dg.com... If you know of any investors that might be interested, I would be more than willing to give them a shot too.... haha, thanks again William..
Eric
**Follow my success in this "30 Days To Real Estate Cash" journey I am on by reading my blog on my profile page....
****Visit my websites at www.p-rproperties.kwrealty.com and at http://p-rproperties.yourkwagent.com
"Whatever I will become will be what God has chosen for me." –Elvis Presley
Thanks Michael...
**Follow my success in this "30 Days To Real Estate Cash" journey I am on by reading my blog on my profile page....
****Visit my websites at www.p-rproperties.kwrealty.com and at http://p-rproperties.yourkwagent.com
"Whatever I will become will be what God has chosen for me." –Elvis Presley
You mentioned above you're looking to buy, hold and later sell or rent out the property, so it looks like you're seeking longer term financing. Why not simply go to a lender and get standard FHA financing that's only 3% down for owner occupied? Rates are around 4% right now, so I don't think you're going to beat those rates anywhere else. Or do you have a different strategy in mind?
- Tom
and the one investor HATES that part of town, did he tell you why? Is it for a reason that you might also avoid that part of town? If you're looking to flip for a profit, and you live in a metro area, check with hard money lenders or private lenders around town. Transactional funding is nice, provided the repairs are already done. Depending on what "cosmetics" it needs, TF may not be willing to help you at first. Hard and private money, however, will allow you a certain percentage and a time frame for repairs.
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."