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Updated over 6 years ago on . Most recent reply

User Stats

105
Posts
23
Votes
Robert Howard
  • Investor
  • Leesburg, GA
23
Votes |
105
Posts

Three deals don't know how Im going to fund all of them

Robert Howard
  • Investor
  • Leesburg, GA
Posted

Well guys I have a great problem and trying to work through it. I have had a contract on a property that I close on the 29th. Recently I was offered two off market deals. One for $35k and the other for $50k. I made an offer of $43k for the $50k house its rent ready, they told me "no". They wanted at least $48k.  I advised them the most I could offer is $44277.  I didn't get an answer. So I move on to the $35k house that just needs an A/C. I offered full price split closing. Boom accepted. The $50k house just call and said they would take $44k. Now I'm over here thinking hard on how I'm going to close on all three of these houses. Great problems. If I pull this off I'm done for the year. Unless something just comes across my desk but not searching. This is the year of abundance. I did get some bad news today the A/C went out in one of my units, but I'm determined and will figure this out.  Any suggestions I would greatly appreciate it.

  • Robert Howard
  • Most Popular Reply

    User Stats

    105
    Posts
    23
    Votes
    Robert Howard
    • Investor
    • Leesburg, GA
    23
    Votes |
    105
    Posts
    Robert Howard
    • Investor
    • Leesburg, GA
    Replied

    I have a bank for the 1st one that I close on the 29th. Conventional loan 20% down. The $35k property I have a friend that has been watching me and asking questions and said next time I have a deal could we do it together.  I told him about the deal and told him he put up $30k and split a/c cost we would refi house apprised for $48k so if we get 75% ltv thats $36k all purchase price and $1000 worth of a/c back. After P&I, taxes, insurance and $100 into bank account we split $200 cashflow. The 3rd one Im trying to figure out. The two off market deals were friends. The $50k house my friend parents just lost there tenant and they live in Va. She was managing it for them but she was tired. So they told her she could sell it. So she called me.  The $35k my mentor bought bc it for a great deal, but it doesn't fit his criteria so he asked me if I want it and he would sell it to me for cost, because he wants to get into another deal; and it fits my investment style. 

  • Robert Howard
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