My Deals

Hi everyone,

I'm new to the site and just spent the last 2 hours reading articles. Just wanted to hear your feedback on the following:

Looking at a 3/1.5 townhouse with all electric utilities. Any idea how much the electricity bill will run up during the summer/winter? Water boiler is new and should run for $510/year ($42.5/mo). Each bedroom controls its own heat. The property is located in the Northeast so we have hot summers and cold winters. Thanks

I am looking at a two family home 4/2 at the base of a world famous ski resort, has a 100 acre lake out back, stream running through the property and houses in the area are selling between 350k and 3 Mil. The owner wants a buyer with cash and to privately finance the this transaction. I need help putting this deal together, the owner owes 38k on the property... looking to sell for 200k. How should I proceed? Any help would be greatly appreciated.

Tomorrow I am going to look at a 5/1 1200 sqft 1-1/2 story single family detached home. The home was left to the seller by his brother back in August 2010. The house is free and clear. The seller lives an hour away and can't afford to pay the taxes and insurance and mow the yard etc. The Retail comps in the area average out to $72k. The owner thinks it needs about $25k in repair. He has already thrown me a price of $12,500!

Contracted with seller's on 11 Apr. Posted property on my website and craigslist on 11 Apr. Contacted by CASH Buyer on 2 May. Closed on 5 May. Check in hand on 10 May. All I did was sign a contract and posted the property on my web page and craigslist.

Seller's now want to sell me 2 more properties. The cash buyer want's first rights to all my other deals.

I can live with that!

By the way, they only need my signature!

Rodney

Just Do It!

We locked this property for $18,200.00. Property is worth $40K and in a neighrborhood mostly of Hispanic Community. We found this property through Craigslist the other night, listed for $24K and was able to negotiate down to agreed sales price. We should be able to do a Lease Option or similar to get a portion back on our initial investment. Property is in average condition with low repair cost. We are very excited about this new deal! It is exciting to look for new deals everyday! in your own hometown.

Who says you can't buy property with NO MONEY DOWN???? I just sold a mobile home, garage and lot for O down last Mnth and got 400 option money this Mnth on a lease option deal.I negotiated with the buyer by letting him clean and take ownership last Mnth for nothing with a verbal agreement to sign this Mnth a 400 option consideration...400 lease per Mnth with a total sale of 22000 with 9 % interest for 6 yrs..........total payments equal approx 28,000................!!!!!!!!! Not bad for a 6800 investment huh???
And to make it sweeter
It is one day before heading to the edge! !!!.
actually I am on my way to the airport now to head to arizona with my family.

I have a situation where my rental property went from making me $100 dollars cashflow a month in my pocket to actually paying $84 out of my pocket a month for one year because when I refinanced last year the escrow was screwed up. So the property is now COSTING me money. I had the property appraised and it came up short. So the only solution for me according to my mortgage broker would be this: The property was appraised at $165,000 and the payoff amount is $136,000.

1) Refinance to an Interest Only 5/2 ARM for $130,000 and costing me out of pocket $13,600 and

2) HELOC for $10,250 to pay myself back.

This would bring my total loan to $140k.

I DID IT!!!

Assigned my 1st accepted offer 2 days before the contingency expired for $2,000!!! I have the check sitting right here...next to the computer!

I missed my "goal" by 8 days...but you know what? In pushing and working so hard to get this done, I have set myself on a path that includes:

1. Additional revenue streams that are building a GREAT business.
2. I have met great people and built one HECK of a buyer's list (including a VERY large "fund"...using me to procure properties!)
3. I have FINALLY gotten Mrs. Lubin on the bandwagon!
4. I have found my "niche" and am ready for number 2 (put another offer in today!).

$2,000 from about 8 hours of work. And I went low...I could have held out for more...but just wanted to get this thing under my belt!

This past weekend, we found someone who is going through pre-foreclosure process. We'd like to work with the owner and avoid foreclosure. Does anyone have any form that we should sign with the owner as a permission to talk directly with the lender?

Per owner, they owe about $42K for the property, and property is located in a neighborhood with properties selling for about $110K and would not like to miss this deal. Thanks!

If anyone buys in Belleville, IL., let me know. I'm in the midst of a great deal there, and looking to assign it.