My Deals

5th Assignment of contract this year! Love it when you deal directly with the home owner and then the CASH buyer. NO REALTORS! We use every strategy we can think of to connect with motivated sellers. This one came from a sign on the street that said Estate sale. We always go by and ask if the property is for sale. They said yes and we were able to negotiate a deal. Here is the deal.
We walked through the house and here is what we came up with.
House is in need of a full remodel along with a roof and gutters. Huge potential in this neighborhood. Solid brick house. Its a 3/2 with a detached 2 car garage.
ARV as a 4/2 is $375,000.
Rehab/ remodel cost $60,000
Bought it for $200,000, Assigned it for $210,000. I make $10,000.
Seller owes $162,000 so he will Gross $38,000

I have a new girlfriend and in our conversations she told me about this house she saw driving to work. It is vacant and looked like something I could help her with. I started structuring what I thought would be a good offer and while checking things out, discovered there's an offer pending. A little disappointed, but at the same time, I realized that I've gained a lot from Dean's books already.

Sooo, she visited me this weekend and we were talking about finding another house for us. She just started a new job last week and is commuting 45 minutes to work at the moment. We decided to do a search with a 10 mile radius of her new job.

I could have also used the title: "My deal that fell from the sky", or something to that effect! LOL!

Here's the story: About a year ago, when my brother and I got Dean's books, I was poking around the 'net just to see what was out there. I came across an ad for a 46-unit apartment building in need of repair (no tenants) located in Detroit. The asking price was extremely low (I don't remember the specific price) and I was interested to see what information I could dig up and "practice" my evaluation techniques.

Signed our first lease/purchase on April 2, 2011.

The sales contract is assignable and the lease states we can sub-lease. After bills and "rent" we pay to seller, the cash flow is $400/month.

We found our rent-to-own buyer on Craigslist. They loved the house and were thankful that we were willing to work with them. We signed a lease with them as well as an option agreement. Then when they exercise their option (hopefully in a year), we'll sign an assignment of contract with them.

Hooray!

All,

$35,000.00

Will send address with a signed NCND.

Property Details

Year Built: 1926
Square Feet: 2070
# of Bedrooms: 3
# of Bathrooms: 1full 2 half
Lot Dimensions: 95x230
Property Taxes: $2,196
Property Type: Single Family
Basement: Partially Finished
Garage: 2 Car

Tax assessment: $124,000
ARV: $128,900
Quick Sell: $110,000
Estimated Repairs: $35,000

Large 2 story home with workshop in back. Bring your crew and save big on this rehab project. Easy profit of 30 to 40k. Prime location near 70 hwy, Walmart, and blue ridge tower. Raytown school district. Average DOM for the area is at 106.

Compareables:
9601 E 47th St Date: 09/30/10 SP: $127,500

I have been putting ads in Craigslist looking for sellers. Below is one of the responses I got. Can someone let me know what they think about this potential deal.

Only one mortgage, with CitiMortgage, $118,000 balance. The $465 payment starts in May and will last for one year
at which time it will adjust again. The adjusted rate is based on the "LIBOR" published in the Wall Street Journal + 2.25%
which worked out to be 3% this year. The mortgage is also interst-only until April 2016. Total payment consists of
$300 interest plus $165 escrow. The escrow is a little high vs the property taxes of $950 a year because my ex
didnt pay the property taxes for 2010 and Citi had to step in and pay them + late fees and then paid the 2011

I have an option contract accepted on a cashflow property in Leechburg, Pennsylvania. If anyone is in or near this area, please let me know.

I have 10 REOs in the state of Colorado available. I'm looking for a cash buyer. The properties range from $180k - $350k. For more information pm me or leave me a message.