Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Classifieds
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago on . Most recent reply

User Stats

90
Posts
21
Votes
Jacques Cyr
  • Flipper/Rehabber
  • Grosse Pointe, MI
21
Votes |
90
Posts

11th hour assignment contract challenges

Jacques Cyr
  • Flipper/Rehabber
  • Grosse Pointe, MI
Posted

Looking for a little advice from fellow investors in the Grand Rapids, MI, Lansing, MI, and Kalamazoo, MI area. (recent moved back to MI, from Chicago, and frankly don't have a seasoned network here in GR area). 

I have a subject property under contract. The short version is we found out Friday night that the group we were assigning the contract to at closing wasn't as stable as we were lead to believe. (Shame on me for not getting earnest money). Basically, it's come to light that they don't have the funds to execute on the assignment contract.

Closing is set for this coming week Friday, and I'd like to do what i can to not leave the seller hanging. Most of the leg work has been done. (needed final appraisal and funding.

Quick version:
ARV: $260,000+
Lite Rehab: $5000.00 - $8,000.00 (Really just cosmetic - Paint, minor updates...)
$2000 / month holding cost
Conservative 120 day window for lite rehab and closing - Most likely much shorter
Net profit: $30,000 +  
Closing is this coming Friday (15th)- most title work has been completed.

Wholesale: $198,000 (Low risk / short term investment)

Here's the ask... I've contacted my hard money sources from Chicago, and one should be able to execute; however, I'd like to work with someone local. Any recommendations, or know anyone who would be interested in wholesale purchase? 



Thanks, and look forward to "paying it forward" by helping others in the area when I can. 

Cheers, 
Jacques

Loading replies...