ALMOST CLOSE TO HOMERUN:) I'M SEEKING FOR SOME ADVICE FROM MY DG FAMILY

but by my posting this it will keep your question on top of the list so people will see it good luck my friend i wish you the best.

walt

Hi TC,

Here is a thought, Is there any way you can generate Private money from your multiple source, not hard money. And have it deposited in your account for few days till you find a buyer.

Once you find a buyer you pay your private money lenders 1 point on their money. This 1 point you can factor along with your fee when you wholesale it.

As a friend I would like to point to one thing.

Your initial offer was $280K they countered at 400K and then you countered at 350K a 70K jump, this tells me somewhere you had miscalculation to come with you initial offer.

Do not do a deal just for the sake of doing a deal if number does not fit do not do it.

Let say your assignment was $10,000 and 35% discount

Maximum Allowable offer = (.65*491000)- (20000 + 10000)
= 289150

So you should not purchase this house if they are asking more then 290K at 35% discount.

Let say your assignment was $10,000 and 25% discount

Maximum Allow Offer = ((.75*491000)- (20000+10000)
= 338250
So you should not purchase this house if they are asking more than 338K at 25% discount.

My friendly request do not do this deal.

Regards,
Bimal

I agree with Bimal.

Karen

The numbers don't work and it looks like you just made an offer that wasn't based on anything concrete. I say move on to another. Put out the bandit signs and you will get a lot to choose from. Best wishes!

I would put the property under contract and try to sell it to one of your buyers. I would only take a $5,000 fee because your numbers are tight. In your market a buyer might be happy netting $45,000. That looks possible providing your numbers are accurate.
If your market has low inventory and high demand the discount rate COULD be as low as 15% One formula does NOT work nationwide. You could be missing a $5000 fee by not trying. The worst thing that can happen is you have to terminate your contract before the inspection period has ended.
After all YOU are not buying the place, you are just trying to wholesale it. Just by trying you will gain knowledge of your market place, add buyers to your list and gain confidence.
In order to do volume, every deal can't be perfect!

Just my thoughts,
Michael

Now you know how I feel rite never go against the family.
God bless you with your choice.
Keep learning the DG ways.
Good luck.

TC, there is a website I use sometimes that you can find at this link http://linksourcemanagement.com/bog

They do charge for the use of their POF but it comes with a letter and bank statements. It's normally $95 a month for unlimited use but using the link above will give you access for $80 a month.

Good luck buddy!

do you have a buyer lined up to purchase this property? If so, tell the agent that you will provide POF as soon as contract is signed, then you ask your buyer to provide the POF

I appreciate everyone for your advice, support, and encouragement. It meant a lot.

I haven't gotten back to the agent since the past two days due to procrastination and the new job schedule which I have.

I sent her an email tonight before I read all the comments on this post. I emailed her saying "Hello jackie, I apologize for my slow response getting back to you and I spoke with my partners and the best we can offer for this property is $338,000 due to the repairs needed. It seems the seller has another option which I'm happy for her. If her option doesn't work out maybe you can let me know. I wish you all the best of luck and I hope the seller gets all that money she is asking for."

I have buyers on my list who's price range meets with this property. Also, I haven't started marketing this property with my new bandit signs which I bought for marketing this property.

I will started marketing this property with my ghost bandit signs tomorrow night after I get off work. When these buyers call I will tell them that the contract is yet to be completed and as soon as it is completed I will send the address to them. But they would have to send me the POF.

Do you guys think it's right for me to tell my buyers to provide POF before I give them the address?

I would appreciate it if someone could help me out with my question

Good luck to everyone investing!!

Thanks for your kinds words.

You're blessed:)

Best of luck in your investing

I don't have the experience to help you on this one but the numbers don't look good and at the same time Mike's comments make sense ( and he has a lot more deals than I may ever get). The benefit is that you asked the question and got a lot of good input back that helps the rest of us also. I hope you are successful with this property. Take care

I appreciate your advice. You definitely made a great point.

I need to work on my negotiating technique on the next property which I would be making an offer on. Honestly speaking, I was excited lol thats why I jumped from $300k to $350,000 which was a big mistake. I accept full responsibility for my actions and I definitely learnt a lesson from my mistake:)

Thank you once again

goodluck in your REI

Thank you for showing your support. I love the way you have been so supportive to right from day one.

I never forgot that advice you gave me which is focusing in my local area when investing. It has helped me a lot in terms of knowing the good areas and getting to know my market much better than I knew before.

You are awesome. God bless you:)

I appreciate your love and words of encouragement.

God bless you:)

Your thoughts are great! You couldn't have said it any much better.

I had thoughts of marketing this property before having it under contract and I was like no I wouldn't do that. I remembered reading a post DG member who had posted a deal which they lost doing this.

I will give the agent 2 days to see if she would get back to me with a new counter for my new offer $338,000 which I made tonight.

Thank you so much and all the best in your investing

Thank you and stay blessed

Thank you so much for sharing this great resource with me.

Best of luck in your REI journey

I appreciate your advice and I made use of it tonight by letting the agent know that I will send POF as soon as the contract is signed for $338,000.

Could you please help me out with my question: Is it right for me to ask for POF before the see the property or before I give them the address?

Thank you once again

Thanks for your comments.

I'm glad my post was able to help you.

goodluck in your investing

TC I would agree with Michael, everyone market is different and if your in a market where there aren't enough property and buyers are taking 15%-20% on there flips then go for it but you should have an idea on what buyers are getting from the MLS right now. But like someone mention above, if the numbers don't work for you don't try to force the deal by tightening up on the numbers to make it work. Good luck

You made another great point which is good. I definitely agree with you.

Thanks

I got an email front he REA saying "Sorry we will not tie up the home without the proof of funds first, this practice is normal and customary . Please provide this as soon as possible because we have many prospects that saw the house this weekend and have indicated that they will be presenting offers."

I replied back to her "$385k wouldn't be a win situation for us. You can contact me back if the seller option doesn't work out..."

She already listed it on mlx and I'm not about to be market a house which I don't have a contract with the seller...

ON TO THE NEXT ONE

MY favorite quote for today "You and you alone are responsible for taking actions to create the life of your dreams. Nobody else can (or will) do it for you."-Jack Canfield

I think you are at a point where you must overcome a very important obstacle. That is to have a good POF letter. One that will be backed up by the provider when the sellers agent or a bank calls to check up on the validity of your POF. Most of these REAL POF letter providers are not free. You get what you pay for! If you are going to be making multiple offers and you expect results and you want to be treated as a professional, you should submit POF with every offer. In advance, before you are asked for it!

Good Luck!
Michael

Hi TC if nothing more you got your feet wet and maybe more, this is a learning process and we cant get a home run unless we swing, you got some great advice to work with here and as Michael said POFs that really matter do cost, thats your sticking point at this time.Your taking action and that really counts, the fear if any will melt away and the water gets warmer,we are always learning and refining our skills if we want to be good, the only people who dont have concerns and channelages are those in the grave yard, much success, Jim ( your proof of funds are the issue right now to move forward)

I really appreciate your words advice. Like Dean always taught us to create solutions to our problems".

I got my first pay check from my new job and I saved $80 which I will be using to register at http://linksourcemanagement.com/bog so I can be able present my offers with a genuine pof letters with bank statements. I'm definitely going to follow your advice and submit my pof letters and bank statements in advance before the sellers, or sellers agent ask me about it. This would definite help me out for sure and make me look more professional like you said to these sellers.

Thank you once again and all the best in your investing!

My favorite quote for today: "Who you were yesterday and who you are today doesn't restrict who you can be tomorrow. Decide who you need to be and make the change!"-Kim Kiyosaki

I appreciate your words of encouragement.

I'm glad to say I have gained more knowledge, and momentum than I gained earlier when I first started on DG.com.

I'm always thankful to God for blessing me with amazing people like you on DG.com who has been of a great support to me in terms of words of advice.

I agree with you in regards to my pof being an issue now but I have decided to create a solution to this problem so I don't have to never worry about it. I'm glad I was able to save some money from my first pay check from my new job so I can register for http://linksourcemanagement.com/bog

I plan to start using as soon I wire the money to my brother or mother account so I can use their debit card to do since all my bank accounts were closed due to not being inactive.

I can't wait to start using it.

God bless you!

My favorite quote for today: "Who you were yesterday and who you are today doesn't restrict who you can be tomorrow. Decide who you need to be and make the change!"-Kim Kiyosaki