OfflineHello my DG family,
I made on offer on a 2/2 condo in South Florida (I have tenant buyers for this one already)which has been on the market for more than 90 days. Seller was interested in a Lease Purchase. Asking price was $190k FRV in todays market is $200k. The property is free and clear but seller got back taxes of 2011 and 2012 which sum up to $4044.73 including 0.25% of the lien certificate. Also seller leaves out of state and they haven't gotten an offer since the posted it on mls lol.
Here was my offer which I made on 10/17/2013-
Purchase Price- $250k (the market in that area has a 4-5% appreciation rate)
36 months with an option to buy
$2,100 monthly payment and fully credited towards the purchase price. ($2,100 is the low
Buyer is responsible for all repairs
The terms which I included in my offer:
1)Buyer is responsible for pay back taxes and other liens when contract starts.
2) COntract begins after 30 days of buyer searching for other outstanding liens which was not told to buyer unfront.
3) Contract can be terminated within 30 days
I have been following up with the listing agent weeks after weeks. Each time I call or text the listing agent she will tell me the seller is still outside of the country in Peru and seller is not good with computers.
So finally the seller came back from the country Peru and the listing told me the seller wants to send my offer contract to her attorney to review it.
This morning I follow up with the listing agent and she told me the seller is waiting to talk to her attorney and by Wednesday this week by latest the seller will have an answer for me.
Then, the listing agent told me the seller wants me see MY PROOF OF INCOME AND EMPLOYMENT?
I dont know what to do from this point. My intention was to get pof of $300k from www.besttransactionfunding.com but I wanted to seek an advise from my DG family before I take the next step.
I love facing challenges like this in real estate.
I would really appreciate any advice anyone could help me with on this deal.
Thanks
_______________
TC
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
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I meant to write the monthly payment which I offered to the seller is $1,300 (low rents in that area)
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
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If this one doesn't work out, don't spend too much time on it move on. That said just give them your transactional funding and if you have an LLC your business information. Otherwise just tell them you are a real estate investor and give the transactional funding. If they don't accept that, just tell them you will move on.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Thanks for your advice on what I should in this situation which I'm in. I appreciate it, you just lifted off the pressure off my shoulders.
____________
TC
Miami, FL
Keep TAKING ACTION + gaining KNOWLEDGE = SUCCESS (Making Money)
"If it is important to you, you will find a way. If not, you'll find an excuse."- Karen Ellsworth
"Faith is taking the first step even when you don't see the whole staircase." - Martin Luther King, Jr.
"If you are not making offers on properties you can not make any money" - Success Coach
Follow me on my road to riches http://www.deangraziosi.com/real-estate-forums/investing-journals/144538...
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i
You can only give them so much anyway! Hope this one works out, but looks like they may be a tough cookie. Still give em all you got first!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
I admire the fact that you are wanting to get out there and DO this, but you need to WITHDRAW this offer IMMEDIATELY!!
Your numbers are WAY off! How are you figuring this? Where is there any room for profit for you?
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
You also CANNOT use transactional funding of their POF letters for LOs.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Im with Karen on this one get out and run. You have to remember the saying, "HOW MUCH WILL THIS MAKE ME". Dont try to break even and hope in the future it will rise, make your money and move on to next deal.
Keep going you will find the deals that work, just got to weed thru the bad ones to find the good ones.
Aaron-n-Suzy
Good advice on here, back out!!
Something to me doesn't set well. I have a new partner that only does Lease options, and I never heard of the seller wanting proof from him, (my partner)
I can't reach him tonight, he was in Chicago for fortune builders, and I know he is probably tired and busy.
But I will run this past him in the next day, and see what he says.
When something never seems right, go with that. How long have you had this agent? As they should be sure protect you through this.
You can always come back later, but when things get off, back out.
Sandi,
The MAJOR problem on this deal is not the proof of income. If the seller is LOing a prop to someone, they will want to know that they can make pmts.
The problem is the numbers!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
you need to educate yourself before you go out and start making offers that you cannot fulfill.
Read some threads on this site; there are many with such great information.
Not many investors know how to do Lease Options/ Sandwich Lease Options, and there is a reason for it. It is not that simple! There are a lot of calculations involved to make it work!
I'm attaching an awesome thread that Karen put together and shared with us a while back; I suggest you read it, and learn from it before you try to do any L/Os. Also, if you want to do L/Os, I would look for investors who have actually done a Lease Option and seek advice from them...
http://www.deangraziosi.com/real-estate-forums/everything-else/71370/lea...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I forgot he said it was a lease option! TC Karen is right, you had better let this offer go!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
TC yes follow their advice they are seasoned investors, I have done 1 bird dog deal and 2 wholesale deals and love this site and love the advice you all give. Thanks everyone I am bookmarking this so I can go back & read it when I have a LO deal.
Tony
Go faster do more! GFDM!
I appreciate all the comments on this post. You guys are awesome
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i