OfflineHello everyone, I live in California and I need help ASAP. I am down to my last $50 with no more income coming in. I have been building my buyers and sellers list for the last week, but have yet to get anything into contract. I have one agent that is willing to work with my and it is with the house below:
Description
Here is the property description....by the numbers:
purchase: $128,000
Down payment 30% 38,400
Closing costs 4,267
Total cash investment 42,667
Monthly payment 70% loan 684.74 @5.5% PITI
Monthly Income (rent) 1,195.00
Gross ROI 510 per month= 14.34%
4717 PENNEL CT, Stockton 95206 (Stockton)
$128,000 Beds: 3 beds Baths: 2|0 baths
HE WANT TO USE THE STANDARD C.A.R. (California Association of Realtors) form for Purchase and Sell agreement, is there a way to get around the earnest money? and would anyone know if someone would be interested in the above property?
Please PM me.
If you need a little guidance PM me. I can help you, but need more details. If you search the forum there is a wealth of info under financing/REO/wholesaling. Let me know. Best of luck!
To get something you've NEVER HAD
DO something you've NEVER DONE.
Go in and edit your post and remove the address! If you don't have it under contract, you do NOT want to share the address!
I'm in CA too, you can use your own contract to do the offering, but if its and REO, they WILL require EMD and use of their own contract eventually.
You could TRY a promissory note for the earnest money, but I have not tired that yet, and I know it would not work with REOs here. You didn't mention if it was an REO though.
What is the ARV and are repairs needed?
I have some very aggressive HM funders for California deals. Drop me a note and lets chat.