OfflineHere's the deal. A new Investor presented a deal to me that she put under contract. She ask me to not share her name because she feels really bad about how this deal has been going so far. She does allow me to share the info below, so here's her reply:
"First of all thank you! I know most of the people on here are great. Unfortunately I got one that wasn't. Here is the info and if you need anything else let me know. 821 Lincoln Green Bay, WI 54303 Contract for $37,000 ARV $92,000 Needs about $10,000 in repairs. I would like to close the earliest possible because the title co. is waiting on me to close!
No buyer yet, and I'm new to this also. This is the first deal that I have under contract and it has been an absolute nightmare! I sent a post out today about the guy I was suppose to 'partner' with. That's where my nightmare began. Anyway, the title co. is still holding out, so there still is a glimmer of hope. I don't know if I mentioned this or not, but the contract is assignable. Let me know if you come up with anything. Thank you, I appreciate all the help I can get!
Here is most of the info you would need. If I forget anything, let me know and I will for sure send it to you!
821 Lincoln
Green Bay, WI 54303
hud is $35,616.45
ARV is $92,000
3 bed 1.5 baths
2 stall attached garage
I don't know what my deadline is at the title co. but I'm thinking asap! They accepted my offer on the 10th of Oct and I was supposed to close 2 weeks ago, and they extended it to last Friday,, which is when my buyer was a 'no show' and didn't answer his phone. So they haven't really given me a date.
I will split 50/50 with you. Can you get a deposit of some sort? I have some other people looking for buyers also. I don't know at this point who is going to come through or if anyone is going to come through. So I guess whoever wants to sign an agreement and put down a deposit, I will at least know that I'm not getting the run around like that dude! I would like to get at least $5,000 out of the deal. and you the same. Does that sound good to you?
Thanks for taking the time to help"
These are the words from this new investor & she also told me today that she's two months behind on her rent & the landlord was going to kick her out if she does pay real soon.
I know there's a DG member here that can pull some strings in this area in the state of WI. Contact me ASAP to help this new investor out, send me a PM with your email & I will forward you more info that you need about this property to get it moving, also include how much you would like to make on this deal.
Where here to help each other out so let's see what we can do together for this new Investor.
Everyone Can Make A Difference!
John A
Correction on the purchase price $45,000.
Repairs for 821 Lincoln
Flooring through-out $3,000.00
Window in breezeway $100.00
New Vanity in upper bath $300.00
trash removal $150.00
Misc $1,500.00
Paint $1,000.00
Feel free to spread the word about this property in getting a cash buyer to help out this new investor, contact me for more info.
Everyone Can Make A Difference!
John A
do you have pictures and video?
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
www.virtue-investments.com
Track down Rina...she is in that area
I ran into a similar issue with a property I locked up. You want to have a strong buyers list first and only put offers in on properties that match the criteria of the buyers.
I ended up with a Hard Money Loan for the purchase & rehab, I am ready to rent & refinance!!! Check into that one..see what you can do.
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Your correct what your saying & I am trying to get a hold of Rina but it looks like she's been out of touch lately so I'll see who else is available. It does help to have connects & I can understand if your a new investor how hard that can be to be in a situation like this one. Thanks for reaching out on this.
Hi Makeba, I do have more info & pictures.....send me a PM with your email so I can forward it to you & keep me posted on your end as well.
Everyone Can Make A Difference!
John A
I am a little confused reading the posts. maybe you can help me out.
The first post say the contract is for $37,000 and the HUD amount is $35,616.45 plus it needs $10,000 in repairs. She wants to split an assignment fee of $10,000 so she makes $5,000.
Your next post says the repairs are $6,050 and the purchase price is $45,000.
So here's my question: Is the purchase price $37,000 + assignment fee of $10,000; or is the purchase price $45,000 + assignment fee of $10,000; or is the purchgase price $45,000 and it includes the assignment fee? Also, are the repairs $10,000 or $6,050 and how were they determined? Is this home actually under contract now with the owners or with HUD?
Lastly, to reach more people you might think about placing an advertisement on DG.com as you will reach a bigger audience. Thanks in advance to your responses to the above questions.
PS - If you could send me a couple pictures I would appreciate it.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
I actually just sent Rina a PM about it and gave her your phone number. Then I just found that you put the info out here.
After we talked, I sent it to her.
So maybe if you send a PM to her too.
Let's pray we get this person her help.
Sandi
I'm actually looking a little closer to Madison and Milwaukee; however, I'd go up to Green Bay for the right price. Can you attach photos to the original message as well as some comps inthe same neighborhood?. Does it have a basement? Thank you!
Based on the repair cost, it won't cost $10K, it can be done for about $5K or less. I let her know that she could only assign this to an investor for no more than $45K because she's already tight on her numbers, or if she assigns it to a retail buyer than her profit can be more. She is aware that she can't get $5K for her assignment fee, the min would be $2K. The property is under contract with HUD for $37K.
I do have more info & pictures.....send me a PM with your email so I can forward it to you & keep me posted on your end as well.
Everyone Can Make A Difference!
John A
I don't think I attach the pics to the original message once it's posted, I checked and I didn't see a way to do it, only if you know how......
Send me a PM with your email so I can forward it to you after.....it doesn't have a basement from what I know but will double check.
Everyone Can Make A Difference!
John A
Go to the original message, hit enter and scroll past the bottom of the message. There is an area that says 'attachments'. You can click on it and it will open a box and BROWSE box to put the pictures right onto the message. This can only be done on the very first post. I'll send you my info in a PM. THanks!
Thanks for the reminder, you should be able to see the pics now.......
Everyone Can Make A Difference!
John A