OfflineLooking for funding right away on a Single Family home that i have under contract;
Foreclosure under contract for $59K
Tax Assessed at $135K
Rehab Budget of $10K
Buyer that is pre-approved for $110K purchase price
This project is a 2 bed, 1 bath with full garage on a 1/2 acre of property.
I'm slated to close on the property next Friday the 12th of March and have just received news that funding is not coming through so I'd be willing to split the profits 50/50 for this deal. I would need to know by end of day Thursday or I will need to pull out of the contract and get earnest money back.
Have contractors lined up and property will be ready to be on the market in approx. 1 1/2 weeks from close date. Need the buy price of 59K and will fund the improvements myself along with closing costs.
PM me right away if you have interest. This is likely a 2 month loan with approx. 15K profit on 59K investment or approx. 300% APR!!!
Luck is when Preparation crosses paths with Opportunity!
Where is this property located?
Foreclosure under contract for $59K
Tax Assessed at $135K
Rehab Budget of $10K
Buyer that is pre-approved for $110K purchase price
This project is a 2 bed, 1 bath with full garage on a 1/2 acre of property.
I'm slated to close on the property next Friday the 12th of March and have just received news that funding is not coming through so I'd be willing to split the profits 50/50 for this deal. I would need to know by end of day Thursday or I will need to pull out of the contract and get earnest money back.
Have contractors lined up and property will be ready to be on the market in approx. 1 1/2 weeks from close date. Need the buy price of 59K and will fund the improvements myself along with closing costs.
PM me right away if you have interest. This is likely a 2 month loan with approx. 15K profit on 59K investment or approx. 300% APR!!!
Rita Williams, Listing Agent
i have found alot of houses for under 20,000 but need the funding for remodel and purchase
Property is located
40 Pierce Road
Brewer, ME 04412
Luck is when Preparation crosses paths with Opportunity!
I would love to help you out,but i dont yet have the resources on funding,but i thought once you put earnest money down,their is no way of getting it back.
mike
Dont know if you are interested in this or not but i deal with a Cash Money Lender, Who will Cover 65% of any deal of the market value.
As A Man Thinketh, And So He Becomes........!
Please send me the information...interested.
Luck is when Preparation crosses paths with Opportunity!
I would love the info on a Cash Money Lender!! We are purchasing foreclosures in Nevada and are always looking for Cash Money Lenders. Thanks
I'm interested in your cash money lender as well. Can you pass it on to me please? Thanks, Rita
Rita Williams, Listing Agent
Canuck,
I own several properties in ME as I went to college at UMaine
I have a close to positive idea where thats at. If you're going to invest up there, do so quickly as they're proposing building an arena
Let me see what I can do, and if something comes we can then discuss compensation
Can I please get the information on the Cash Money Lender as well?
Thank you.
Thought i would let everyone know that we have the funding required to purchase this property and move forward on the deal.
Last week as a last attempt, i went to the bank that we have utilized since in Maine and discussed this opportunity with the Commercial lender. He was unsure of his options, but he called me Friday and is funding the deal! They are providing me a loan for $70K for acquisition and rehab costs of the project for 1 year term and the requirement is to pay interest only.
Collateral is the property and also they will put $10K on hold from savings.
This is extremely exciting as it builds the relationship with the bank and also saves significant money over utilizing the Hard Money Lender that we were set up to utilize to begin with.
We close Friday and begin the rehabbing this weekend!!! The intent is to have back on the market for First time home buyers a week after closing! Already advertising on Craigslist!
Luck is when Preparation crosses paths with Opportunity!
Nice job! Very smart of you to go to the bank and ask right? All they could do is say no. But instead they said yes, and if everything goes as you plan, they will be happy with the results and will loan you more money. Good luck with your rehabbing. And keep us posted on this project.
Cathy
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Excellent job at getting the deal done!
Keep us up to date on how this works out.
Bob
Secured a contract for a SFR in the SW suburbs of Chicago at $89600. ARV is $175K - $190K. $25-30,000 in rehab costs. Although contract is assignable, I'd like to find a lender here in Illinois for this project. Does anyone have some good leads on a reputable lender in this area?
Can send me infor on cash money lending,
All so i have a question for some one I have look at a for sale by owner the house is price at $259,500 but i want to offer 189,062 its a 3bed 2 full bed house with a cottage in the back its on 4 acres the appraisel for this house is $400,000. I am not asking for to much or to less it been on the market for 2 years and no one has purchase it also the a eldey couple that stay cross the street there house is for sale trying to lock that one in to. please help Tracey in Virginia.
Tracey Brown
Hello: I'm a newbie of the DG family, and have not done my first deal yet. I've been looking at this multi family unit,
listed by an agent. Asking price is $104,900, mortgage amount $100,000, ARV $170,000. Garden/rise, 4,042 SF,
8 units, price per unit $13,112,50, 6 efficencies, 2 one bedrooms, property is vacant, can rent from $375-425 per month. some repair needed but most units are rentable, it has significant deferred maintenance and needs repair to a brick wall on the south side My money and credit is not that great. The agent has sent me pictures of the units, and I haven't got back with him yet. I would like to call him back and do a walk through with a contractor to see how much
repair needs to b e done and then make an offer. Do anyone have any suggestions on how to structure a deal here?
Is it worth working on? It is located between redeveloping areas. Thank you in advance for your help DG family.
Larry.
WILL YOUR INVEST FUND IN CHICAGO
I am in Orlando Fl. I have two Properties for $50K each Arv $119K Rehab $10K can someone please help ASAP Call4072920882 or em:gseptember45@****.There is one piece $90K ARV $175 Rehab $15K. Please I need help As Soon As YESterday.These do not last.
Congrats on thinking through your options and not giving up! And just by reading your post I have gotten more ideas on how I can structure a deal I have recently found. Thanks for the inspiration and making the wheels spin a bit faster.
Kristin