OfflineYEAHHHHHHHHHHHHHH.....Deal #2 accepted today!!!
SFH -
ARV: $161K
Purchase Price: $63K
Repairs: $40K
Yeah....how's that for equity!!!!
I have my lawyer reviewing all the attachments from the bank. Assuming all is good should be signing the P&S on Monday!
I can't assign the property since it is an REO. Before the EDGE I would have planned on a double close. But from what I learned at the EDGE I am going to get a hard money loan, fix the property, lease it to own, the refinance and cash out! Yeah BABY!!!!!!
On to deal #3!
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... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...
Looks pretty normal to me, that's what they charge. So it looks like your money costs were $18,500 for 6 months. So with purchase and repair costs added in that is $121,500 purchase costs. Leaving $39,500 Gross profit. If you list it with a realtor when you sell (if you do and don't rent) that's about $10,000 with closing costs, so you should net around $29,000 if you sell to an end buyer and it sells at your ARV and your rehab costs are accurate and it sells within 6 months!
NOT BAD! A perfect example of how hard money can get you a deal when you can"t do anything else. Yes it is expensive, but when there is money in the deal its a heck of a lot better than not doing the deal! Besides, what a learning experience!!! You know a heck of a lot more about hard money than you did 2 months ago!
If the rents are good in that area a re-fi and buy and hold would be great also.
Keep Us Posted!! Good Work!!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Chris,
I just got caught up on you selling journal. I am impressed. You must have perseverance to have gotten through the HUD stuff. I am pleased to hear you made it and closed on the deal. You continue to inspire me with you tenacity and ambition to make this happen. Keep up the pace and please keep us posted.
Tim
Tim
Keep on Keeping On !!! Expect it, God has already given it to you. You just need to get out there and grab it!
If you want to follow my journal:
http://www.deangraziosi.com/real-estate-forums/investing-journals/33874
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
I keep my eye on the goal, and the hurdles seem small!
... Verses: 35 "but those who hope in the Lord will renew their strength. They will soar on wings like eagles; They will run and not grow weary, They will walk and not be faint." Isaiah 40:31 ...