Offlinehello my name is dave. just a note to say hi . i got deans book 3 days ago and i put my first offer in today a women is trying te sell her deseased sisters house and is amazed that it is not selling. she said they put a new roof and windows in but still no offers.so i asked her if she would consider a lease option she said yes but the issue off down money came up of 5-10k i asked her send more pics and detials so i can figure out what to do about down money problem. the house is already 35% bmv and she said she just wants it gone so i think i can get it lower with a cash deal so i am going to be looking for investors to assign it to so i will see what happens thanks for listening will post with update thanks. wellsy
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If you do not have your buyer lined up for the assignment, you might consider using a hard money lender for you down. That way you will control the property, until you find that buyer.
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tflood thanks for the reply. if i found this deal 4 weeks ago i would have but i got laid off 3 weeks qo so getting funds from a bank wii be tough i have a couple ideas that might work
You may can ask her if she will take the down payment paid out in a note, or at least a portion of it like 50/50? That will give you the option of using a hard money lender for the up front half and then pay out the other half.
Did you ask her if she is going to title deed the property? Just wondering, I am not sure how that goes.....
Erika, REI
Brownstone Investment Group
405.748.0734
www.facebook.com/Erika.Coleman
www.twitter.com/brownstoneREIgr
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.
thanks the the reply. turns out she doesn't want to lease purchase at all so there is enough equity in the property to go to my lender. and the seller will pay part of the closing costs. so i will buy it and rent it out till the market turns .so this deal cost very little out of pocket $ and i will have 35k equity and a 200/mth cash flow .i also have 4 other properties that that are going to be done the same way. the only problem is that they are all far away from me out to 6 hours. solution i called a re agent in each town told them that i was looking to invest in there town but because of the distance i could not do all of the due dilegence needed so i asked them if they would do a comparative market analysis on the property. now what are the agents thinking. that's right , this buyer is going to need a buyer agent hence they see money and even offered to go look at the house for me. and since the sellers are going to help with closing cost everybody wins. so if all goes as planned and close on all properties i should have 135k equity and a positive cash flow of 1864/mth. wish me luck wellsy
Oh this is awesome I am so excited for you, keep posting so we can keep up to date with your progress. I love to see other succeed.
Erika, REI
Brownstone Investment Group
405.748.0734
www.facebook.com/Erika.Coleman
www.twitter.com/brownstoneREIgr
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.
Hello Wellsy..wondered how you are getting a loan if you are laid off? Are you using a partner?
Also, Just curious ..are there not enough deals in your town to do local deals or any particular reason you are pursuing deals so far away? (There are lots of deals in my specific area that I feel I know better than anyone but trying to change my mindset from being the owner/landlord to the assignor or perhaps even partner)
Congrats on getting started!
"Whether you think you can or can't, you are probably right" Henry Ford
hello love thanks for the responce i am laid off this is true but i am collecting and that is income and i have a return date and the propertys have enough equity to make it work plus my net worth. as to why so far the price s are low they are fsbo with 30-50% equity it does not matter where the property is as long as it meets your objective heck today you dont even have to leave your house it can all be done online or thru the mail i would go inspect the property before signing a sales agreement tho.the county that i live in has the highest foreclosure rate in the state of pa so that is were i am going to focus most of my time and after i close on a couple of said deal i will have some equity to work with plus a positive cash flow. i am not to sur how to approach preforclosures but i will learn i have alot of time hahaha.