My Deals

It's official, #2 is in the bag. I paid cash for this baby myself; after taxes came out I had to come up with $37,000. It needs very little work, and I could flip or rent very fast. But, it's a cute little thing that should bring in $900 or so for rent.

***new note 11/11/11 We made the paper today for deal #2! Check out the link in our 11/11/11 post!***

The Tale of 2 Closings----

Closing #1: 46 units, combination of apartments, townhomes, & Duplexes. $500 Earnest Money. PP $1.25 million. Seller carries back $250,000 down payment plus an extra $50K (we got back in form of bank check at closing). Bank finances remainder at 5.75%. Closing costs offset by tax credit. We also got security deposit check of $14K. This was a great landlord, no deferred maintenance, turnkey properties. Cash Flow $5K/month immediately. Easy to raise rents- landlord hadn't ever raised rents more than $10-20. Cashflow potential $8K/month.

Maybe you remember my buyer threatend to sue me over his 1K non-refundable deposit when the seller cancelled the sale. Almost a month had gone by and I hadnt heard a word from him. Yesterday I got a call from a lady that can no longer afford her mortgage and is 2 yrs behind on her taxes. About $1600 Shes agreed to let me take over the mortgage subject to and basically just gave it to me. The property sits on 1 1/4 acres at 3,000 ft elevation in the Sierra Nevada Mountains. Its a 14' single wide mobile with a big living room built on the side of it. The mobile is old and rustic but has a wood stove and the property itself is unbelievably gorgeous with huge oak trees and secluded. I txted my previous mentioned buyer and asked if he was interested in this property,the payments are only $670

I'm a newbie in San Diego,CA and I found a property on Craigslist.If you could look at it,purchase or assign it,you could give me a $500 bird dog fee.I am just trying to get started,to prove this business can work.
Dean suggests teaming up,so I'm hoping this could work.

You could PM me and I will give you all the details !

Thanx

I have a motivated seller that has a house that does not need any repair work. She's knowledgeable on a L/O and I did ask her would she be interested in a L/O. She said she would but, she's not comfortable with doing it. The house is a nice house in a nice area and she's up on her payments but, has two mortgages to pay for and she wants out. I have already did my homework on a buyer and I will be assigning this deal. But, what other method's are open to purchase this property from her circumstances?

Just signed documents for House #2 in Ohio on Thursday!

It's a 3bed/1bath; paid $17,000, FMV is $55,000; needs about $3,000 in repairs.
Paid half with a credit card with no interest for 12 months, and the rest with a private money loan. Once it's rehabbed, I will refinance and pay off loans.

I actually flew in to Ohio to sign and to meet my agent in person! She is great! and actually has House #3 in sight for me!!

Learning and progressing every day,
Valerie

North Edwards, CA 4-plex Motivated seller! VACANT

This just in and the only info I have right now. Owner out of money. If interested will send full details.

This is a fourplex , 2 - 2/1, 2 - 1/1
Aprox 3,000 SF
Prior Rent: $545 2/1, $435 1/1

Roof leaks needs about $3k repair

Building - vacant as of last month
units need cleaned up - two rentable, two need rehab
owe 100K on BOA loan, payments $889.00 incl Tx/Ins
At conservative rents 2@$400 2/1, and 2@$300 1/1
Total rent of $1400.00,
Asking - $160,000.00 Make offer!
North Edwards, CA near Edwards Air Force Base

When assigning property to another investor, is it best to get paid before or after closing?

I have had my buyers offer to pay me the assignment fee before closing.

Well....I did it. I finally did an assignment deal. My first $4,500.00 will have to split with partner. However it is done.

I can only say keep on trying! Find the buyers, get the properties...TAKE ACTION and be persistent....

Thanks to everybody here. Thanks Dean.

My realtor sent me a commercial property listing and said it's a very good investment, would like to run it by the DGers.

Here are the details -

It is a fully functioning Hair Salon that consists of 6 individual booths (separate rooms which can be locked) and are currently 50% leased ($575/month each booth). Each Tenant rents a booth and shares the common areas.

Here is a breakdown of some of the numbers:

* Current Rents: 1725/mos , Potential Rents: 3450/mos (assumes 6 leases)

Expenses:

* Principal and Interest: 1200/mos (assumes 25% down and 15 yr. amortization).
* RE Taxes: 142/mos
* Insurance: 28/mos
* HOA dues: 110/mos (covers parking lot and lights, trash, maintenance to the outside bldg and master insurance policy).