OfflineHello DG family. Glad to see everyone is keeping busy with their RE business. If there is anyone out there who can give me some advice I would appreciate it. Im talking to this seller. I followed up with him 2 days ago and asked if he had sold. He emails me today and he says no. I asked a few questions and this is what he replied back with. I dont really understand what he is saying. I already have a small group of buyers and want to market the property to them but first I need clarification.
ok asking is 65 and its not a mortgage its paid the only thing is i was high on taxes and i bowwored 20,000 from a that,when i sell it i lamo finance so im payingguess they have to get paid first..so the adress again xxxxxxx.its in the (city)manor,phase one.thanks for your help also its two bedroom two bath and has the biggest backyard in that whole block.see if you can help
This is my incentive for potential buyers and sellers!
ask for a phone number and call this guy. Sounds like he borrowed 20K against the house that he will need to pay off out of the proceeds of the sale. If you're going to buy this property, you'll end up talking to this person sooner or later, so go ahead and call. Might save you a lot of time.
Sandi C.
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I will definately make contact with him tommorow just to be sure. I appreciate you help!
This is my incentive for potential buyers and sellers!
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I am a little confused myself just plan-e! Ill follow up on here tommorow after our conversation.
This is my incentive for potential buyers and sellers!
http://www.hopedrugcard.com
I spoke to the gentleman and this is what he said. What should be my next move.
"I owed $20,000 in taxes so I got a loan for that amount to pay off taxes so "Company" finance has a $20,000 lean to be paid off before I see my cut..but I've been paying that monthly I'd really like to stay between 45 to 50 on it,thank u"
This is my incentive for potential buyers and sellers!
http://www.hopedrugcard.com
You still have to have the numbers right. You have to know the repairs, closing costs, your profit and the like. Crunch your numbers, oh and don't forget to minus the 20K or so, and if he wants up to 50K I am wondering if this is really going to be a deal for you?
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Thank you Tammy. I'm planning on doing a wholesale deal with this property. Would I withdraw the 20k from the 50k? Pardon me the question, it's just that Im trying to get my first deal and Im excited. Thanks to all of you once again!
This is my incentive for potential buyers and sellers!
http://www.hopedrugcard.com
Thank you Tammy. I'm planning on doing a wholesale deal with this property. Would I withdraw the 20k from the 50k? Pardon me the question, it's just that Im trying to get my first deal and Im excited. Thanks to all of you once again!
This is my incentive for potential buyers and sellers!
http://www.hopedrugcard.com
You need to add the $20K because he is looking for $50K
Ray
O.k. here it goes. He told me he would take a minimum of 45k.. So I add the 14K that he still owes from the 20K, correct? Then, this puts me at 59K total! Then from here I subtract the 2k repair fees and my assignment fee, correct? Again, pardon me for asking all the questions. I just want to make sure Im doing the right thing here. Thanks to all of you again!
David
taxpropertybelowmarket.com/rgv/
This is my incentive for potential buyers and sellers!
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what's the ARV?
Thank you Jen. The ARV is $78K
This is my incentive for potential buyers and sellers!
http://www.hopedrugcard.com
You take the ARV, subtract 35%, subtract repairs, subtract your profit and that is what you offer.
It does not matter to you what he owes. He will have to pay that out of what he gets for the property. It also does not matter what he says he wants to get (unless it is lower than the offer you come up with). The numbers are the numbers. That is what you can offer and then if he is willing to take that, you have a deal.
Good luck!
Karen
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Thank you Karen and to everyone who has posted on the thread. Your help is greatly appreciated. Ill let you know the status on this deal. I knew since the first time I joined this community that people are willing to help each other out.
God Bless you all!
This is my incentive for potential buyers and sellers!
http://www.hopedrugcard.com