My Deals

Received an email from homeowner in Monroe, NC. He states he is relocating and needs to sell asap. Deal comes with a 10K golf membership.

Brand new home is 95% finished...5 bedroom 4.5 baths 3 stories....5200 square feet...located on golf course

Priced "as is" $600,000 or best offer. needs approx $15,000 in repairs

has 60 day old professional appraisal of $825,000. House across the street sold for $940,000 summer of 08.

Without taking a trip to NC, how can I make this work?

I am looking at a property listed for $120000 which I can get for $100,000. Comps put the property at about $130000. After all expenses, the property will cash flow about $350 per month. It only needs a new carpet and some other cosmetic fixups. Should I go for this deal?

Any advice is much appreciated.

I've been reading throgh some of CBRPOWER's post. I one of them he talked about a strategy he was using to find cash flow houses. He was purchasing in areas that were nice, but were not overpriced, but had good rental income. So, I thought... where is this happening right now. Well, it's actually happening right here my own neighborhood. My area is saturated with REO's. So much that you can find some houses under 100k if they've been on the market long enough. I don't have money, so I was going to try wholesaling some of these deals, but the banks are being very strict.

Last week I went with my realtor and looked at a house that was listed by an owner (not a short sale or reo). The house had been on the market well over 6 months. When we went to look at the house, it was trashed. It had been a rental for the previous 10 years. And had major deferred maintenance. The owner was asking $230K, which is current FMV. I wanted to offer him $150K, it needed $25K in repairs (conservative figure), I would have taken a $10K fee and sold it for $160K, giving the new owner a potential $45K profit.

I thought I'd make a new thread because I thought this was worth hearing about for building up of the doubtful. Look at what just ONE good deal could do for YOU.....if you perservere or get lucky like me. I posted this on the other thread, but I wanted all to know what's going on.

Hey there.....After being tenacious and sending many emails I finally found a Hard Money source that seems to be viable here in the NW.

www.privatemoneysource.com is fairfield financials' website.

I have a possible deal in the works outside of Charlotte NC and need help asap.

Owner (and builder/developer) needs to sell quickly. here are the details:

asking: 590K

Worth today: approx 750K (appraisal was done in October at 820K)

5b/5ba three levels on a country club, new construction, comes with 10K country club membership

Plan on executing back to back close..

260,000 ARV
40,000 end buyer profit
7,000 closing
7,000 hold
30,000 repairs(high balled)
5,100 private money use
20,000 my profit
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150,900 top offer

Would like to hear your thoughts in a deal I have been negotiating for a couple of weeks. it's a short sale and does not need much repair at all. The FMV is a pretty conservative as the recent comps are 366k.

Listed at 269k
originally offered 185k
Bank countered 235k
I countered 210k
Bank 215k (but not nec accepted...they are playing games)

$330000 ARV
40000 end buyer profit
8600 closing
8000 hold
10000 repairs (high balled)
10000 my profit
5100 private money
___________________________
248300 top offer
-215000 purchase
______________________

I talked to the broker that's selling those new homes for $85k and briefly told him what I'm thinking of doing (lease option) Then I got his email and put a few thing I wanted -Lease option with an assignment attached-.
Anyway I didn't here from them today,but check this out,I ran a ghost ad "brand new home for rent" and just got a bite.
He is interested in doing a lease purchase on the property and has someone who is ready to move in or he has cash to buy the property if it's at a 20% or more discount.

What is my next move

Hey everyone, I met with a RE agent today to discuss building our team.... I have several other "potential" members to meet with over the course of the next week or so.

In the meantime, if anyone knows a name and ph# of an "end-buyer" or investor in the Portland, OR/Vancouver, WA area, would you pls PM or email me at: jenkinsmhg@****.... Thanks!!!!