My Deals

What kind of sellars are prime and which are more common ???

I know that the worst someone can say is no but I would like a little insight on the email that I am sending to the real estate agent on the house that we are living in. Here is the email:

Dear Mrs. Hohenstein:

I would like you to propose this offer to Fannie Mae for the house that is located at 324 Castleman Road (aka 320 Castleman Road), Carrollton, GA 30116.

Deal #3 is a property that was under probate, I picked it up at almost 50% below the asking price. It is a small house that that hasn't been updated in a while that I plan on assigning. Details to follow!

Has anyone tried this yet? I am currently working on that, I figured if it could work with smaller homes why not larger. The one I am currently working my bid on is worth $1,684,192. I will let you know how that goes. It's brand new and never been lived in.

So I think I have this down. Found a local FSBO, listed at $189K. I called and told her about the program. She's is on board. Motivated and states she is willing to negotiate. I find her bottom at $175K. So my plan is to make the $10K like this.

She wanted to list it at $189K
Im going to sell it at $185K at a slight discount to the neighborhood.
Give her the $175K she wants out of the deal
Pocket $10K

I figure I need to find a buyer and entice them to put 10% Down, ($18.5K) vs. the normal 20% in a traditional sale.
The $18.5K is broken down as follows: $10K to me as my fee, $6500 as down payment (which I believe I can use as earnst money as well)and $2500 towards closing cost. (Is the $2500 too low for a closing cost estimate?)

Well after 5 counter offers and 2 Contract amendments, I got an offer accepted today. Its a 3 bed 1 ba house in need of lots of TLC. A few problems with the house. It has alot of unpermitted work but thats ok. We negotiated a low price down to 235K. This home is located across the street from a housing development of homes that were selling for close to $1MM a few years ago. Even with the housing crash the homes are down to 600K so thats what I'm competing with. This home is on a 1/2 acre lot. I already have a buyer to assign it to, so its just a matter of closing escrow now. He plans to demolish all the unpermitted work and upgrade the home to a 4/2 2 car garage. Purchase price $235K, Repairs and escrow fees $80-90k. Sell for 450K-500K.

Potential Great deal due to close on 07-19-2010, I am sorry DG family I have not posted much lately, and that is because I have been on a shut Down mode, I was not taking action, Until I noticed that even when you are not in the mood you still can make effortless deals.
A few weeks ago I was browsing Craigslist.org (CL) under Housing/Real Estate for sale I started from the last post and began to work my way to the front as I learned it from the books, after looking and analyzing through the posts considering the date it was first listed, on CL and on Zillow.com, knowing this information can really come in hand. The longer a property has been on the market the more likely REOS and FSBOS are getting desperate to get rid of them.

So I was lookinng at houses down in one of the most desirable cities in Indiana to live in. So I found one house that was for sale for $179,000 so I offered $87,000 well the response that came from the realtor was they thought I must have forgotton to put a 1 infront of my 8. Well why in these times today would I bid higher than a listing price anyway? I replied that I was serious about my offer and I was only interested in a good deal. I know he was anxious to get my offer because when I emailed him that I was interested in making an offer, he was quick to ask for it, obviously this property wasn't getting any hits. I just laughed. Apparently I have figured out the art of making an offer because I got that kind of response.

Has anyone in DG land ever completed a 7 Day Sale auction technique? I have a family friend who's house has been on the market for nearly 2 yrs. She owns the house valued at 190,000 free and clear. When she found out I was a RE investor and I metioned this option to her she was very open to the idea.

Hey DG Fam,

I think i've found a good deal in Lithonia, GA which I'll be receiving a finders fee from the Seller if I could find a buyer. I've already signed a finders fee agreement for my fee, which is 4K, and if you could find a cash investor/buyer for this deal, you could charge $500 - 1K for your fee from the buyer or even more...it's up to you.

Below are some basic info about the property and I attached a pic also...

3br - 2.5ba Townhouse
FMV - 60K
Asking Price - 32K
No Repairs needed
Equity - 28K
Built - 2003
Tenant Occupied
HOA - $50.00
Tax per year - $700 to $800
Positive cash flow monthly - $550 to $600
Lease up in 3 months
Can re-rent for $850 - $900
Tenants paying now - $800