My Deals

Hello to All,

I just want to start off by saying thank you to each and every participant for all the helpful and very informative information that has been posted. I just recently bought Dean's book Profit From Real Estate Right Now. I am new to this site and possibly working with my first deal.

So, I have been watching a property in one of my target areas for some time. It sits across from a lake and a commercial property. It went to a foreclosure auction today. I set the limit I would go to and the auction never reached that price! I WON the auction! I AM NERVOUS! To say the least!

I found out the 'commercial' property across the street is being rezoned to residential... and is on the market for $1M!!! Now that ought to be a good thing for this property's value.

Here's the info:

4bed/2 bath
1465 sq ft
Price paid 43,000 + 2500 for costs (New price I'm trying to renegotiate is now 5K in light of the findings and would require a total rebuild (basically buying land)
Conservative ARV: $180-200K
EXTREMELY LOW rent: $1200
Estimated (VERY)repair costs: 40-60K

I have a property under deposit, here in central, Connecticut, and I need help keeping the deal alive.

Here are the highlights:

HUD rehab property
2-family
under deposit at $66,000
needs approximately $27,200 on rehab
property has solid comps at $160,000

I have just over $15,000 cash in hand, and need one of the following:

a lender willing to work with a first-timer.
another investor with a lender relationship to joint venture with.
or some other way to keep this deal going.

Open to any and all suggestions!

Thanks for reading!!!!

This is my first post on DG dot come.

Briefly; I am 20 years old. My wife and I just had our baby daughter on 02/26/2010.

I have just finished reading "Profit from RE Right Now!" for the second time highlighting and taking notes throughout the book.I am very anxious and motivated to begin my RE investing career. I do have a full time job currently working from 5pm to 2am; 5 days a week which gives me everyday to work in my office & buy and sell properties using Dean's strategies I am learning.

After reading the last chapter I am truly motivated to work as hard as I possibly can to change my family's life and provide a dream future for us. Dean has really convinced me to face any obstacle that comes my way and keep my eyes on my goal.

Finally, we had been working on this particular short sale for quite a few months now and we received our approval letter this week.
We are working on the closing details. Our local title company handles all our closings in Missouri. Attorney owned, so they get them closed for us.
If anyone is working with JP Morgan Chase on a short sale, make sure you stay in contact with them all the time! They tend to misplace things, in our experience.

Have a wonderful day DG family.

So I talked with a seller today that has decided he doesn't want to tie up his property for 5 yrs on a lease option and doesn't want to lose control of his property. He said he will do anything I want but just doesn't want to lose complete control of the property. We had a verbal agreement and were getting down to signing the papers in the next day or so but he is nervous about tieing it up for so long.
Do you guys have any suggestions on how to approach the situation?

Hello to my DG Family! Need some suggestions please. Located an ugly house. Called the realtor, to my surprise, the house sits on 8.5 acres with another house on the acreage. It was once farmland and is owned by a father and son. They had the land rezoned for townhomes and it will hold 102 of them. Oh, the asking price is 1.5 million and has been that since before the real estate market took a plunge.

I talked with the realtor and she indicated the family would take "a little less". I know I can either flip this to a builder or investor providing I can get it at the right price.

Any suggestions would be greatly appreciated!

Toni

I have a seller for a property owned free and clear, they paid for it when it was bought or built. Am working on this info and waiting to hear back from the listing agent. The seller would think about creative financing and is open for all offers. It is a 3br 2 ba home located in the southern part of oklahoma in a nice area where I once lived myself. Since the current owner paid for this house completely there is no appraisal on the property but the listing agent is also an appraiser so the selling price is no doubt close to the appraised value. I am trying to find out the fmv on the property, no repairs are needed seeing how the owner kept the property in very good shape.

Was thinking about it all day. I just don't like the area. Its 4bdrm and the owner will finance and its below market value. I would assign it but I don't have a list of buyers . Help! what to do?

and its listed by an out of area realtor on the WRONG MLS; my REALTOR couldn't even find it! So, this is OPPORTUNITY! Going to look at it tomorrow and get it under contract! Being optimistic. This is a good one! Its on a 2.2 acre lot (unheard of here!) backing to the national forest with views! Here're the #s

ARV: 325000
Repairs: I'm estimating 50K, but I really don't know, I'll know tomorrow.
BPO and listed price: 189000
I'll try an offer of 140-70K depending upon the repairs needed. Maybe almost full asking if its in pretty good shape.

It was built in 2000, so its rather new. If anything there may be pipes that froze during the winter or water damage. EXCITED!