OfflineI have a current deal at hand that I may let go, Not sure how much energy to put into it.
I a house locked up with a FMV of $155,000-$160,000 it is a short sale and the bank already approved for $120,000 looks like a 20% discount. Not the greatest deal, but also not bad. To make a long story short, I have 2 companies, and one had some major losses on paper due to 1 or 2 large contracts not getting paid, so we took a loss last year with one company and that does not help to get financed. I have inspected the home, needs $2000-3000 of work put into it and I was going to rent it out for $950 a month giving me a net cash flow of $250 a month barring any additional repairs. But if I cant own it myself, because bringing in a partner may not leave enough profit for two parties. I was trying to figure out how to purchase it and then just do alittle work to get it up to par and sell it in 2-4 months.
Any ideas.
p.s I only have 10-12 days to close he deal
Thanks
Craig
Residential Connection Group LLC
Gilbert, AZ
friends and other investors who may be able to help you with financing the purchase and closing costs. Do you have a buyer's list to assign the property to someone else? Or did the lender put in their addendum an anti-assignability provision? How much of a profit do you need between yourself and another partner? Don't sell yourself short. Take another look at the numbers and come up with a quick resolution to put some cash into your pockets.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
This may not be what you want to hear, but at the very least I think you most likely made it quite easy for the seller to sell the property if you back away. To a retail buyer. Since the bank has already approved 120,000 they can then sell it for that price with a REA. Even if you don't stand to make profit at least you did help in some way.
Success and Nothing Less!
I'm recrunching the numbers and checking with other possible investors, If I cant get a solution quick I will bail out and let someone else have the oppurtunity. I/m ok with it if it doesnt pan out, I run acorss deals like this and better a few times a week. I just want to close my first deal and put it in the bag.
Thanks again for your input.
Craig
Residential Connection Group LLC
Gilbert, AZ
I decided last night to let the deal go. I called my realtor that offered me the deal and explained that the finacing just wasnt happening on this one. I told her thank you for the time she worked with me on this one, but to get it in someone elses hands that could work the deal before it expires. She was cool with that. I also noted to her that I was going to devote some more time to a buyers/investors list to make the next deals go a lot smoother. Chalking this one up as a good learning experience.
Thanks for your suggestions.
Craig
Residential Connection Group LLC
Gilbert, AZ