OfflineMy first deal hoping for some feedback.
I found a 3 family with a very motivated seller. He told me he is ready to give the keys to the bank and walk. He has been trying to sell it for 269k with no offers.
He owes 300k on it and back taxes of about 8k. He said the bank told him they do not want the property and to find a buyer and make an offer. 3 families in the area are going for around 225k-250k.
He authorized me to talk to the bank.
The deal: see if the bank will take 150K. The owner is willing to do whatever to unload the property. I have contacted some investers who want multifamilies in the area looking at around 230k.
I would rather walk from the deal with some cash, then hold the property.
Is offering that amount to low, I guess try and see.
Thanks for any feedback
That number you offered was a good number, who cares if they say NO, really, what have you lost? NOTHING, thats what, I always offer the lowest number possible @ first, because the thing is, you can always make your offer higher, I hate not knowing if i could have got the property for less.NEVER LEAVE MONEY ON THE TABLE!YOUR HERO,SULLY.
YOUR HERO, SULLY
Man I am proud of you...That looks like a great deal! Offer $150K to the bank as a short sale. When you can send over the numbers on what the rents are bringing in...maybe we can help you structure this deal and move it to the next guy at a great price while making a nice profit yourself.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Tom,
Have you worked the numbers on the rental income on the property? Is it a case of bad management? Could it use a little clean up? Based on the current numbers you may be able to buy the property and pull money out and still have a nice positive cash-flow every month. It really depends on what your market is doing at the present time. Also it depends on what your short term and long term goals are.
Just some food for thought.
Hello,
I am in the midst of putting together a deal where I have a buyer. I also do property management so I have tenants waiting to get into the property that is selected. The goal is to get the buyer at least 25k at closing....currently I am looking at a property that is listed on mls for 94K that is owned by the bank(but needs some rehab work)...the comps in the area are 125K...I don't know what the appraised value is yet. I want to make at least 5k off the deal....my question is, is this possible? Please advise....if this is not, can you tell advise on what I should do because I have a tremendous opportunity with the buyers credit being where it is.
My gut feeling is that to be able to pull $25k at closing is probably a bit out of reach for a house that costs $94K. Don't take my word for it, try it anyway you may learn something new. Is it going to take $25K for rehab? If so, I don't feel that this deal is worth doing unless you can buy it for around $65K-$70K which is a fair offer if it needs that much rehab.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!