OfflineHey guys just thought I would update you and let you know what I am working on right now!
4 4-unit apartment buildings. 2 are next door to each other and the other 2 are next door to each other on the next road over. They are 1 bed 1 bath pretty nice size. They are 50% rented out right now at 500/mon. The owner is a doctor going through a divorce and just wants to get rid of them now. They comp out at around $130,000- $150,000. He is asking $110,000 I offered $70,000. So we will see what happens. Going HML on these if I get the offered accepted.
The other deal is a 3/1 1750 sqft country house on 1.25 acres with a big detached garage/barn. The lady is 80 years old, no mortgage, and her kids want to get her out of the country and into assisted living condos. I am going to meet with her today to go over some ideas with her. The house comps at $145,000 to $160,000. I asked her what she wants out of the house and she said I really have no idea just come out and see what you think and you tell me how much. The kitchen has been completly updated already. Just needs a new bath carpet and paint. I am going to try and go owner financing on this one and will prob most likely be getting it for $80,000 or less!!
So thats where I'm at right now! Wish me luck and I'll keep you updated!!
Thanks guys!
Shaun
God Bless your REI
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In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
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Thats good im happy for both of you and hope everthing turns out perfect,just one question how you two came about the doctor situation thanks.
you are "Going HML on these if I get the offered accepted"
do you have a HML that you are working with, or have worked with in the past?
Don't Wish the Past, Create the Future! - DH
Much Success on this adventure! Keep positive and great things will follow with you.........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
I have a HML that is a Private lender that I am really working hard on to lend me money!! I have not dealt with him in the past but he is a customer of ours. My dad owns a Hot Rod Restoration shop and we build all of his muscle cars. He is 43 years old and just retired b/c he just sold his half of his business for $1.4 BILLION dollars!!! So he has some money. Just have to show him the numbers and see what he says!! Offering him $10,000 profit on each building and 8% interest payable in 2 years. I think those are pretty good terms!
What do you think? Think he will go for it?
Thanks
Shaun
Shaun,
If you can get a HML to give you 8%, you'll be my hero. Most HML are at rates of 12% and up with points. The best HML deal I've heard somebody accomplish is 12% and 2 points. $10k profit to a person with billions is less than pocket change, so that's not likely to be something that sways someone with pockets that deep...but, the long-time personal relationship with your Dad's business could help. Why not just work with your Dad?
Regards,
Ryan Cook
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Regards,
Ryan Cook
Follow me on Twitter: http://www.twitter.com/bdkproperty
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Good luck with these deals. Thanks for sharing the information with us. Even if they do not accept your offers today there motivation to sell could change tomorrow. Continued success with your real estate investing. Believe and Achieve!
- Joe
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I wish you luck and I hope you get your offers accepted!! Sounds like great deals. Keep us posted if they get accepted!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I wish I could work with my dad but I hate my job and we have been getting into it a lot here lately! He is very bad with manageing his money and a very bad business person. The company has already closed down one building and will only be a matter of time before the last building gets closed! He is also in the middle of a divorce which is killing him financially! I am still waiting to hear back from our customer!
I'll keep everyone posted!
Thanks,
Shaun
Sounds like a great deal and wish you the best of luck !! I hope things get better with you and your dad. Once you do well in the REI maybe you can teach you dad how to do this business so he can get into a better position in financially.
Warm regards,
Paul T. La Moy