OfflineOMG. We made an offer to a guy who has 3 properties (he called us from a bandit sign)
Thank God for the success academy hotline!!!
2 of the 3 have renters in them and he's finishing the reno's on the 3rd. We were a little embarassed to give him the offer as the offers were really low. Little less than 50% of ARV. He said thanks and that he'd get back to us.
Couple weeks later which was Wednesday he called and said Lets do the deal! WHAT?? He took 50% of ARV? OK Freaking out... Called the hotline. Did I mention Thank God for the success academy hotline!!
So we got the properties under contract. Here are the deals. Let me know if this format for the information to investors makes sense:
(1st property is rooming house where the rooms are rented by the week so i listed it 2 times 1 time as rooming house and 1 time as whole house rental)
Rooming House
Cash Price - $31,000.00
ARV - $46,000.00
Equity Gain - $15,000.00
Income:
3 rooms @ $125.00 each per week
1 room @ $100.00 per week
Monthly Rent - $1900.00
Annual Rent - $22,800.00
Annual Expenses:
Vacancy Allowance - ($2,280.00)
Est. Insurance - ($460.00)
Taxes - ($570.00)
Total Annual Expenses: ($3310.00)
Annual Net Income: $19490.00
ROI: 62%
==================================
4 bdrm/2 bath - Single Family Residence
Cash Price - $31,000.00
ARV - $46,000.00
Equity Gain - $15,000.00
Income:
Monthly Rent - $1000.00
Annual Rent - $12,000.00
Annual Expenses:
Vacancy Allowance - ($1200.00)
Est. Insurance - ($460.00)
Taxes - ($570.00)
Total Annual Expenses: ($2230.00)
Annual Net Income: $9770.00
ROI: 31%
==================================
1 bdrm/1 bath - Apartment Condo
Cash Price - $19,800.00
ARV - $26,000.00
Equity Gain - $6,200.00
Income:
Monthly Rent - $650.00
Annual Rent - $7,800.00
Annual Expenses:
Vacancy Allowance - ($780.00)
Est. Insurance - ($400.00)
Taxes - ($433.00)
Condo Fees - ($1848.00)
Total Annual Expenses: ($3461.00)
Annual Net Income: $4339.00
ROI: 22%
==================================
3 bdrm/2 bath - Single Family Home
Cash Price - $27,000.00
ARV - $44,000.00
Equity Gain - $17,000.00
Income:
Monthly Rent - $800.00
Annual Rent - $9,600.00
Annual Expenses:
Vacancy Allowance - ($960.00)
Est. Insurance - ($440.00)
Taxes - ($657.00)
Total Annual Expenses: ($2057.00)
Annual Net Income: $7543.00
ROI: 28%
Thanks for any advice you guys might have. This is a great community!
...Dwight
If you will make the necessary effort you can develop any talent.
~ Wallace D. Wattles
View our site: http://www.mybeachsideproperties.com
Like us on Facebook: http://www.facebook.com/mybeachsideproperties
way to take action. Keep us informed on how the deals work out for you. The success academy helped us out a lot also.
Steve.
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
Congratulations! Keep us posted on how the deals go. Posts like yours prove to me that this stuff really works if one will just take action!
btw... where are your properties located?
Cheers!
Aniko
That's a great point. I never said. ha ha.
Still learning!
Daytona Beach, FL.
...Dwight
If you will make the necessary effort you can develop any talent.
~ Wallace D. Wattles
View our site: http://www.mybeachsideproperties.com
Like us on Facebook: http://www.facebook.com/mybeachsideproperties
what a great deal, 3 for 1 !
may I ask, are you doing this long distance? from Canada? if so, that is double-awesome!
Keep us posted on how you assign them!
Wishing you great success,
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
So wats ur plan now? U gona try to flip them to an investor? get private funding? Does the seller own them free and clear? Will he finance them for u? I wud try to get him to carry the loan, even if he owes some on the mortgage he can wrap his equity to the existing loan. U can walk into this with no money and not have to finance it. Giv us more details. Rando
Rando
Good for you...That is Inspiring!!!
Patty
I'm here in Canada but my business partner lives in Daytona so its just like being there for me. However, I'm heading down there in a week so I can be where the action is.
...Dwight
If you will make the necessary effort you can develop any talent.
~ Wallace D. Wattles
View our site: http://www.mybeachsideproperties.com
Like us on Facebook: http://www.facebook.com/mybeachsideproperties
Seller owns them outright. He's wanting to get the cash out of these for a multi-unit he's looking at. Which is why he's selling to us. He doesn't want to finance cause he needs the cash.
We're looking to assign to an investor. We have 20 people on our buyers list right now I hope that the deal is attractive enough for one of them to buy. we're posting them all over as well to get someone to bite.
...Dwight
If you will make the necessary effort you can develop any talent.
~ Wallace D. Wattles
View our site: http://www.mybeachsideproperties.com
Like us on Facebook: http://www.facebook.com/mybeachsideproperties
Hey Dwight,
Great work. I'm new too! Curious if you would like to share a couple of things:
1) What did your seller want from you in order to get the property under contract (when you knew you wanted to assign it to an investor)? Any idea what a bank wants to see from you if you want to assign an REO to an investor?
2) Did you use any other methods besides bandit signs to get 20 investors on your buyer's list so fast?????
Again, great job!!!