OfflinePlease Help!
The first offer I ever made was accepted. I assumed it was not because I made an offer of $28K (thinking the house's before repair value was about 35K and the after repair would be about 50K) and she said she couldn't accept that low of an offer.
The seller called me back tonight and said she would take 28K (three weeks after my initial offer).
Problem #1 When I made the offer I assumed I wouldn't have a problem getting a loan. That turns out not to be the case. My wife and I have both recently switched jobs and our DTI is about 43%.
Problem #2: can't find hard money for this deal, seems like most of them are geared toward million dollar business transactions.
Problem #3: Buyers list isn't really built yet for an Assignment deal.
I hate to let it go.
Any suggestions?
the buyers will come! Lock it up and market the heck out of it. If you can't find a buyer use your inspection period to get out of the deal. You can go to www.vflyer.com and create a flyer for free. Put it all over Craigslist.com, backpage.com, rehablist.com, facebook, etc. Put up about 20 bandit signs on all the major intersections advertising (don't put the address of the house on the bandit sign). Even if you make only a few thousand dollars that's a few more than what you had. Worse case, you tell the agent "Hey, I did my inspection and you know the house is in a lot worse condition than I expected, so I am not interested in purchasing it." Hope this helps...
KimmyJ
Press on...
What about owner financing, that could be another option. In the worse case scenario, try;
Lighthouse Capital Funding, Inc
HML Loan Type Residential and Commercial
Lending Area Nationwide
Contact Loan Officer Reference REIClub
Address 15332 Antioch Street, Suite 540
City, State, Zip Pacific Palisades, California, 90272
Phone 310-230-8335
Fax 310-230-8336
I had call them previously, and their minimum is $50K. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Hi KimmyJ, I have gone to vflyer.com and it looks like it you have to subscribe and pay for flyers. How do you create free ones. Thanks in advance.
When you create an account it will show you all the options. At the top on the left hand side, it will say personal account 2 listings free per month. Click on that box. When I first signed up, I thought the same thing. Where is the free stuff? Of course, the make it small so you can't see it. Postlets.com is also free.
KimmyJ
Press on...
Is Lighthouse Capital Funding what you've been using thus far with your property purchases instead of coastal-funding, San?
Bryant Slade
The amount of funding we needed was much less than what their minimum is, so we had to decline. We did not want $50K, since it was not necessary. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
Have you asked about lease option?
and try to get it locked up on contract tomorrow. Now I'm curious to know whether, or not, that I should use coastal funding for my POF's on this one, or just go with Lighthouse(if they do POF's) and then just use LH's money to close with and lease out the property after it has some minor cosmetic work done to it?
Bryant Slade
I am going to try to either get the seller mentioned at the beginning of this thread to owner finance, or if she won't I am going to try to lock up the contract and and assign it. Before I can do that, I need some more help.
1. does anyone have a purchase contract that they use that already has the the right clauses for assignment of contract in it that the could email me?
2. I know this sounds silly but could you provide a "dummy" filled out copy as well for me to use as a guide.
Let me restate...The first offer I ever made as an investor was accepted and I need all the help I can get.
Thank you all so much.
Jwise
Go to www.reitips.com, download the assignment of contract for free and watch the video on how to fii it out.Also go to www.3daybid.com auction site and list the property,you should get a buyer in no time.Hope this helps,need more help keep posting.Good Luck.
whurndon
H&H PROPERTY SOLUTIONS LLC
Thanks for the tips that was great info at a great price.
I just want to be sure that it is legally binding in WV. Would anyone happen to know the answer to that?