Hooray! getting closer to closing deal #2 next week. This was a long short sale that I found on the preforeclosure website. Actually went to the auction sale to pursue the property but kept on getting postponed so I went to the realtor that had it listed and it took some work contacting seller(bank) but will be well worth it. Its a duplex built in 2006 renters(in both units) still in place wanting to stay in the property paying 800 each unit been there for 3 years never missed payment always on time(according to landlord/seller) the properties are SO clean in and out other than the new weeds coming out for spring lol. The property sold in 2006 for 350K buying it for 95K but only about 15% equity these days. Cashflow will be at around $950/month AFTER PITI. As much as I tried finding a HML to finance 100% couldn't find one to(because I never done any deals with them) so had to go traditional financing(25% down which came from first deal... This is where Im going to need input/help from anyone that has financing contact or ideas on how to pull out the down payment I put in to move on to the next one? ANY IDEAS! Im from California and the property is in California. I attached a picture of the deal...
Ron
SECOND DEAL next week, but need help after that...
Posted on: Wed, 04/13/2011 - 06:14
SECOND DEAL next week, but need help after that...
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- by Rich2000
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thank you masseur07.