OfflineHi DG Family,
I purchased Dean's books four months ago and have read it three times but I haven't had my first deal yet...
However, I am having a potential first deal now. My offer got accepted 4 days ago, and I need to close before Nov 13..
It is a townhouse (but looks like a SFH though..)
4/1
1804 sq fee
Lot size 2178 sq feet
Accepted for $125,000
All commissions are paid by seller
Asset Value: $206,000
Comps: $160,000 - $180,000 but all of them are smaller and older than it.
The houses in this area are usually sold for their AV +(-)20,000 or so.
Fix-up cost is minimal.
Assignment fee: $2,000.
My agent said that it is a good rental place. And it is close to every thing in Orem & Provo, UT.
The seller wants to rent back the property until Nov 30,2009, which is great to me!
I believe that this is a good deal. I have sent my investors emails or called some of them, but I haven't succeeded yet, since most of them haven't answered my emails or so. I also have put 20 flyers in Orem grocery stores, on the crossroads, and somewhere near the property. However, I haven't received any phone calls yet. I am very frustrated as my agent told me that if I am about to let the seller rent the property back, I have to do the inspection and appraisal(~$750 total) as soon as possible... I wonder what I should do now. Can I just ask the seller to give me the deposit and then I will use it for inspection and appraisal? .. Please help me out!! I really appreciate it!!
Sincerely,
Quynh Ton
Quyuh,
Depending on what the sellers are going to pay for the month or so that they are there ,I would ask for it up front to cover the cost of the inspection and appraisal. In reality asking for the first months rent and 1 1/2 months security is common practice for a rental.
As far as Marketing to find a buyer I suggest advertising on as many classified sites as possible. My most effective advertising besides craigslist is creating fliers at http://www.postlets.com and http://www.vflyer.com. Both of these send your property information to many other websites once you create your flyer and it's free.
I would also call your local investors club and ask if they have a classified section on their website. You may have to join the club to access it but it is worth it. In NJ I pay $125 a year for a membership which allows me to post my deals in their classifieds.
Good luck!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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To your success,
Carol Stinson
Thank you so much Carol. I'll create the flyers through these websites.
However, I have a question, what would happen if I can't find a buyer after finishing the appraisal and inspection using the seller's deposit?
I appreciate your answer. Thank you.
Quyen Ton
You may want to set a deadline for yourself to either find another buyer, or an equity partner to complete the deal. If you can't find either you may have to explore other options. Instead of the current owners renting through November, could you get more time to find a buyer and then close December 1? In the mean while still build your buyers list for other potential deals. Good luck with this potential deal. Believe and Achieve!
- Joe
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Thanks a lot Indiana-Joe. I'll ask my agent about that a.s.a.p
I wish you luck! I too am working on my 1st deal, it's scary, yet exciting. I hope this works for you, so you can keep moving forward. All the best to you!
Making it happen!
Sincerely, Sheri
Sunrise Solutions, LLC
Thank you so much for your support!
Best luck on yours too! Let me know when you get your 1st done, okay? : )