My Deals

Ok, I don't think I've seen a forum for this yet. I, for one, love to hear success stories. In this forum post what the bottom line was.

We can keep the entries short and sweet. I am going to make the assumption that we are all also trying to help someone else in the process of doing a deal (the seller, buyer on assignments, renters, etc.)

With that said, how much did you make on your latest deal? It can be in lump sum cash, equity, monthly cash flow, however it worked for you. Let us all know so everyone can see how profitable this business can be for their families.

I am looking at a 3bd 2 1/2 bath for 300k. ARV is 380k.
Repairs are about 60k. Owner has NO mortgage!

Offer options:

Offer lowball (like 210) with typical financing.

Offer full price with 60k back for repair cost.

Offer full price with owner financing at 0%. 50k down rest to be paid in full no later than dec 2010.

what do you think??

Greetings! I am SO excited - signed contract on first deal after month and half of learning and looking! Take possesion of 15th and cant wait to get my hands on it!!!! But here is my big question....in the formula for figuring offer price and profit - there is no accounting for the capital gains tax you pay in a flip. So while fix and flip was my plan - now i am concerned that my profit will really not be much of a profit in the end. So do I rent and hold - or does that matter? If its not a primary residence there are capital gains either way, right?

Please help me understand how to see if there is equity in a property and how the existing equity helps me with a potential deal.

Deleted... original post is misleading information. Posts from this thread with helpful information remain below.

-DGadmin

Ok, so I am buying as many houses as I can right now. I have closed on 4 houses in 3 weeks and I am trying to buy more. I have just had a short sale accepted this week that we have not yet set a closing for because I am waiting on the bank. So, to give you an idea how hot the rental market is in my area get this, I was taking a look at a house yesterday that I am getting ready to rent and the contractors just finished it up.

I'm thinking about buying a rental property in a rough part of town. The house is in great condition. It's 3bd,2.5bath 1530sqft, built in 2003 and it's going for 150K. The appraised value of the home is 200K. This used to be a forclosed property now the bank owns it. My question is should I go for it. The area is in a vevitalizing stage, there's new condos everywhere, new businesses coming into the area and there's a college that will soon be a full blown campus starting the 2008-2009 school year. What are some thoughts? Thanks for the help.
Michael

I am interested in a piece of property that is on 5 acres with a home, barn etc. The owner wants 99900.00 for this property and when I do the comps the house with improvements is only worth 51,390.00 The seller is asking 48,000.00 way over appraised value. I was wanting to do a Lease-Purchase Option with this property but I learned that the owner says they need the money and cannot go lower nor can they do a Lease Purchase Option as they need the money up front. I do not believe in the current market they will not be receiving this amount of money.

I have a property I'm looking at for $16K. It's condemned right now and I have gathered that nobody wants to touch it. I spoke with the city inspector and we agreed that about $25k would bring it to code. The place has an ARV of $60-65k. My plan for this one is to purchase and rehab it with a rehab loan (essentially NMD - reimbursed for repairs), then refi for ~$50k to get a profit from it, then LO (have two potential tenant/buyers lined up already) it out for 18-24 months and sell for another $10-20k profit. Of course, I need to get it under contract before it goes away and I lose it.

Anyone know anything?? Pluses, minuses, pitfalls to watch out for??

TIA

Mark