OfflineOk, I'm nervous but excited. I've made 2 verbal offers on two properties that I haven't seen, I've only seen pictures. One is a 10 until apt. complex in Slidell, La. Its fully rented and the owner is tired of bring a landlord. It was appraised for 750,000 and he is willing to contract it to me well below FMV. Once I lock it up and tack on my profit the buyer will still have 100,000 + in equity. The second potential deal is a 3bed 2 bath home in Jackson, MS that was once a duplex but the owner made it into a home. Now, this one needs total rehab. I'm working on getting it under contract for 7,000. He originally asked for 20,000. I'm kinda scared about this once because I figure its only worth about 50 to 80 thousand after repair value. I'm not sure if I should get into that or not. Another big problem is I have no earthly idea where I'm going to find end buyers. I have a financing contingency in my contracts but I guess I'm just worried. I'm hoping I can find some end buyers. I guess I will read up some more on finding end buyers. Hopefully I can add these properties as my first two closed deals. Wish me luck!
10 unit apt complex and 3/2 sfr
Posted on: Thu, 11/05/2009 - 17:27
Yungcash,
I new to REI but the first thing i would say is get the apt complex offers on paper...if you can finance a buy like that then get them on paper. For the 2nd deal, do you know how much $ u guna have to put in for rehab? If you can walk away with 5-10-15 K I would do it (if it makes sense)...finding buyers is a must in that case. But good luck with your REI brah, keep us posted.
-TJR
I'm going to meet the man tomorrow and it looks promising. I don't think the property needs rehab, maybe a liitle touch up. I really want to get owner financing but the 60,000 down is a big obstacle. I will post the results of the meet and greet tomorrow. Thanks for the comment and good luck to you too!
This is where your training comes in to work. Not to get picky but, you should have had a buyers list ready to go just for situations like this. Don't get me wrong, you have come far pilgrim in taking on this apt. complex, which is way ahead of what others are not doing.
If it were Jeremy and me, we would probably concentrate on the apt complex where you stand to make the most $$$$.
If you have not joined a REI club, I think you should get going and do so.There are so many advantages to joining, and who knows, your buyer just might be there. I wish you good luck, you have gone after big game here, be ready....Jan
PS You could buy and hold the complex to start if no buyers are available. Just a thought.
I'm a newbie as well but just recently I copied and pasted a few websites from a previous post and they may be worthwhile to check out! They help with providing proof of funds, *Down Payments*, earnest money deposits and more! Check them out, hope that helps!
www.hartwellventures.com or www.coastal-funding.com
Michelle
"A dream is just a dream, but a dream with a deadline is a goal"
Did you get the deal or are you still going back and forth?