My Deals

I have a partner who has secured a property, however, we do not have a means to purchase the property at this time! The property has a FMV $150,000 alongwith an adjoining/second lot FMV $120,000 (two parcels of land in all). No property was built on the second lot, except a large garage used for woodworking, RV, mechanics, etc.

Total FMV approx. $270,000.... My partner was able to gain the property for a great price!!! The only problem we are having is neither of us have ANY $$$ to secure the property and the contract has been extended for another month to secure funds!!!!

This deal is part of momentum that I began 3 weeks ago.......Action is energy expended...hopefully with results that follow.

Talk about desperate banks.....

My Broker Just called me and told me a different kind of story than I have heard of before.

I just placed on offer on property on Sunday for a property that was barely listed on MLS. My broker had given me the heads up on the House PRIOR to listing. I can't over emphasize the importance of finding Bank Representative Brokers to work with.

Hey all......I recently put in an offer on a nice little REO.

The house is 1970 sq. ft. 3bd / 1.5 bath and in pretty good shape.

The bank had the house listed for $149K and I figured the comps at being around $200K so I did my basic deductions and of course came to the number of $105K for an offering price initially.

LOL....of course the bank, and the broker/bank rep scoffed at my offer, but she submitted it, as is the law.

Of course, as expected, the bank countered, and was pretty good at NOT showing their cards. They came back with a $145K counter.

Hello,

I have located a property (condo, 1 bd, 1 bath, decent area). The asking price is $80K. The appraisal on the condo is $200K (from the 2008 tax appraisal).

The owners of the condo are investors and are wholesaling the property. That is their reason for selling.

I have a developed a buyers list. As such I have contacted one investor who maybe be interested in buying such a property. He has asked me to sign a wholesaler agreement.

Now how do I proceed here? It's a stupid question but I am unsure what part I can play here for a decent profit.

Can anyone send me a copy of their "pre-foreclosure" letter(s) as samples? I am in the process of making multiple offers on "pre-foreclosure" properties, however, I would like to send the owner(s) letters, prior to any live contact. I need these letters ASAP!!! Thanks so FAM.... U are the greatest!!!

Oh, I forgot... can u send me sample copies of "short sale" letters to the banks as well. I have several of these I want to make offers on ... Thanks again.

My realtor just informed me of 2 opportunities but I think they are way too big for my pockets.

First Deal: 22 unit 2bed/1bth student apartment complex on ISU campus. The Annual NOI is $135K and the asking price is $1,750,000.

Second Deal: 3-12 unit student apartment complex. Each unit has 1bed/1bth. The Net Operating Income is $88,139.

Any ideas on where to start with these or should I just forget about them and move on? Any advice would be greatly appreciated.

Thanks,

Julio S.

I just put an offer on an REO a few days ago, and had to counter their counter offer. I had not heard anything until and email today......here is the quote

"The asset manager submitted our counter for final approval. I have not heard for sure yet but it looks good. I will have a definite yes or no by Monday but like I said, it looks good and Donna said she is surprised.....;)"

My Realtor is looking at a contract that Anita put in the forum and that's why she's asking these questions.

1) Is it recommended for you to initial the mediation/arbitration sections pg 5 of 8 on the CAR form (CAR form is just purchase form for California)
2) The contract example I have shows an increased deposit amount to be paid at close of escrow…is there an amount you want there?

3) time frame to remove all contingencies (ex-loan, appraisal and inspections of property).

I just recieved an email on an offer I put in awhile ago and it reads=

Hi Jason
Thank you for your interest in this property.. at this time we do not have any offers and we would gladly entertain your offer- Please submit it on a CAR form.. please include copy of deposit check, proof of funds and lender pre-approval (if applicable)… thank you.

I wrote the offer as follows

I would like to put in an offer of $$$$$$$ xxxxx xxx
I would also like to turn around and sell it for a profit to my end buyer who has cash and can close fast.

Hello,

I have come across 2 possible deals but I'm not sure how to approach it.

PROPERTY 1:
Property: SFR/3 beds/2 baths/ 1450sqft
Asking price: $27K
Retail Value: $51K based on appraisal
Equity: $34K
Loan balance: $17K
Behind on payments $600
Repairs required = guesstimating $8-10K (flooring, cabinets, tap & bed, trim, paint, fixtures, a/c compressor).
Reason for selling: The owner is locating.

PROPERTY 2:
Property: SFR/4 beds/2 baths/ 1750sqft
Asking price: $??
Retail Value: $172K based on appraisal
Equity: $102K
Loan balance: $72K
Behind on payments $2,600