The seller Called Me!!

[Sal Loiacono]

Hi everyone,

The seller of the property I am interested in called me back last night!! I am shocked! He took the house off the market and wants to me a deal!! Now I have been trying to locate HML and everyone thus far tells me I need to gain more experience. I have been a property manager for 7 years and along with owning an running 3 businesses since I was 21. I recently had to liquidate everything due to my divorce hence the past few month have been rough. I am now 29 have met hundreds of contractors on the north-shore and have people lined up to come in to give me estimates this weekend and early next week.

Here is the deal.

Property located on the north-shore

Market Value- $255,00

Purchase Price- $190,000

Loan Requested - 229,000

Renovation - 20,000

ARV-319,00(spoke with realtors about comps and value they said anywhere from 319-329 and the house is FHA approved and 2 homes in the same neighborhood sold above sale price at 347k)

Currently Rented- 1900 + tenant pays everything! taxes, water, sewer.

I have been approaching HML with these number and they all say its great but they want to see me build experience. How do I build that without being given a chance? Any advise on what avenue to take? The seller requested to close within 30-45 days....I have been reading the books done the math everything works out great I cant believe this owner doesn't want to put some work into this house to make the ARV it just amazes.

[Tristan Chicklowski]

Get advice from someone that has done that type of partnership. Don't ignore those the investors that have horror stories (failures) but learn from the mistakes they made.

Find someone that is willing to partner then have an attorney write up a contract that covers everything that could go wrong and whose is responsible for it.

If the numbers right, the only mistake you can make is not trying all viable exit strategies.