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.