How would you handle a project like this?
We have been working in Indiana for a while now and have been approached by a probate attorney with a 7 parcel package (6 Single Family homes and one lot on a golf course). The numbers look great to me.
The attorney/court wants to sell as a package for $264,000, the conservative ARV is 496,488. All the homes can be rent ready for under $12,000 total and one is nearly a complete rebuild with in the last 6 months.
I was looking for additional exit strategies?
These were the options I am currently looking at:
My current investors in the area are one at a time buyers and I don’t have enough investors right now (marketing for more now).
I am looking for an investor that would like to take them all and assign the package to them a 10% assignment fee.
Transactional funding to buy the package, and work with 7 potential buyers. Are there transactional funders that will do this? Any Recommendations?
Thanks for your review and any suggestions!
Jim
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
Bumb
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
I am experienced in both. Probate deals are my specialty. I assist homeowners with filing the correct paperwork (probate petition) from start to finish. Have been doing so for almost 10 years. I have closed several deals in Indiana. I have a partner there as well. This could be the start of a long term relationship. PM me and we can talk. Talk to you soon.
To get something you've NEVER HAD
DO something you've NEVER DONE.
Jim: Although I responded to your PM earlier, it looks like these properties are being sold as a group, and may need to remain as a group. The potential buyer for this type of a group of properties is most likely a landlord, looking to add to his/her portfolio. I would suggest the following ways of finding landlords who may be in this situation:
1) Call on rental properties, ask them if they are interested in acquiring additional properties.
2) Contact Property Managers, see if any of their owners are looking to acquire additional rentals.
3) Find local affiliates of the National Apartment Association (naahq.org), attend a meeting, or connect with the contact person to see if they know people who are looking to acquire properties.
My guess is that you have multiple properties here that will all produce a solid positive cash flow, and minimal rehab work, which makes them ideal for a cash buy and no-season refi after rehab.
Dallin Wall
Real Estate Training Team
Forum Blog Location--A collection of my
"Best of" posts:
http://www.deangraziosi.com/blogs/dwall
Dallin,
Thank you for the advice. I had already acquired a cash buyers list for the area and was pursuing cash buyers who had purchase multiple properties. I will add your suggestions to my quiver.
Thank you for your help.
Jim
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
Are you interested in a partner in FL.
Hello Jim,
If this property is in one of the three hot areas in Indiana, I have a buyer that would be very interested in speaking with you. He has had good success in properties around Indianapolis. Please PM me Jim to give me further information.
Best Regards,
JT
Gene,
You bet! I'll partner anywhere. My strength is in finding properties. I desperately need to build a larger national buyers list and that is my top priority right now (I wish I had started there).
But feel free to PM me and lets talk about what we can do together.
Jim
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
JT,
Thanks for writing. PM is on its way
Jim
With your success in mind,
Jim McKinney
"With integrity, nothing else matters.
Without integrity, nothing else matters!"
Jim,
Thank you for the PM. I think this is exactly what my investor is looking for in this opportunity. I will have him contact you right away.
Can you share any other opportunities you and your group are working on in this area?
Thank you,
JT