OfflineHi everyone!....
I have to ask here....
I got this deal that came to me...that will make me financially set the rest of my life...but the thing is ...its a CASH ONLY deal and i need to find 3.5 million dollars somewhere ....ive asked around and no one i talked to seems to be wanting to finance something like that....the deal is a 114 properties as a package for 3.5 million in detriot....can someone help....DEAN WHAT ABOUT YOU?...15 year loan on a 10% interest rate?
Maybe someone has some ideas?
__________________
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
https://librivox.org/the-autobigraphy-of-benjamin-franklin-ed-by-frank-w...
These bulk REO deals that make it to the public (all the good ones are purchased by high dollar professional investors before anyone sees them) Usually consist of ten nice house and 104 that are total worthless junk.
You have to ask yourself:
1. If the deal is that good why is it still available?
2. What is the ARV on the 114 properties. In other words, what is this 3.5 million dollar deal actually worth? You have some research to do!
Be careful and don't waste to much of your time on this.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Agreed - you need to list more details. As Mike said, ARV of the properties? What do you plan to do with them: sell? rent them out? If you can find a lender on this they're definitely going to want you to put some money into the deal.
Good luck and keep us in the loop!
- Tom
Good luck and keep us in the loop!
- Tom
I plan on holding and renting them out for the long term....still hadnt gotten nothing back from the same guy about all the due dilligance....maybe its taking a while?....ill check with him here in a bit....
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
https://librivox.org/the-autobigraphy-of-benjamin-franklin-ed-by-frank-w...
if your talking arv...then your thinking flipping...but im looking into cash flowing them out like crazy....so in a couple years from now ...it will make this deal from a great deal to a killer deal in the long run when market goes way back up....
"JACK OF ALL TRADES, MASTER OF NONE!"
Learning to Do, Doing to Learn, Earning to Live, Living to Serve. FFA MOTTO
Ben Franklin's Autobiography free audiobook download-
https://librivox.org/the-autobigraphy-of-benjamin-franklin-ed-by-frank-w...
How many are move in ready? What is the actual values of the properties minus what it will take to get them rent ready? Always buy based on today's numbers, not what MAY happen in the future.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site