First Major Deal Update

[Kyle Vogeler]

Hi All, 

I just wanted to share an update on the property we currently have under contract. We recently had the property inspected, and the report came back with some things we could use to our advantage, so we hit the re-negotiation table.

Our initial offer was:

Purchase price: $2,150,000 - (conventional financing)

But, after meeting with the seller on Sunday, here are the new terms:

- Purchase Price: $2,150,000

- Seller Financing for 30% of PP

- Seller pays ALL closing costs

- We provide seller with a case of beer and have a celebratory drink after closing

We were extremely lucky to find terms with the seller that mutually benefited us all, and we all left the meeting feeling zealous. The seller financing and elimination of closing costs on our end allow us to have ample cash during our "construction period" to pay for all debt expenses and every day mishaps. When finished, our loan balances should be somewhere between $4.5-$6Mil, and our ARV should land somewhere between $10-$16Mil (depending on final building plans).

We have a lot of work ahead of us, but my partners and I are inching closer to our goal of financial freedom!

[Matthew Morrow]

@Kyle Vogeler nice job man! This is awesome. Was this an on-market deal? 
We've had several in similar fashion where they finance some, pay all closing costs, and a case of Yuengling is not joke. That holds a special value in many hearts...lol