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Updated over 7 years ago on .

User Stats

193
Posts
51
Votes
John Britt
  • Property Manager
  • Chattanoooga, TN
51
Votes |
193
Posts

Looking for advice to put together a 14 property package!

John Britt
  • Property Manager
  • Chattanoooga, TN
Posted

I am looking for advice and direction on a deal that I have 14 properties under contract.  I have a buyer that I am under contract with for 8 of the properties.  I can get the money to purchase and resale the properties to my end buyer the same day but no longer, but the buyer has terms that the seller is unwilling to help me satisfy.  These are stipulations I do not have in my contract with the buyer.  

Any resolved or unresolved Code Violations

Any Service Contracts

Any Insurance Claims for the last 36 months

Any improvements and major repairs that have been done in the last 18 months

Seller agrees that no new leases written or verbal will be entered into prior to closing without the Purchasers prior approval.

Seller agrees to complete any evictions that are in the process prior to closing including but not limited to the Tenant and all of the Tenants belongings being completely removed from the property.

If said evictions are not complete by closing date Seller agrees to extend the contract/closing until the process is complete and the Tenant and their belongings are removed.

The seller has stated that he just wanted to do what we have agreed to which I just asked for Income and expenses, for the rents and security deposits to be transferred, so I believe my only way to get this deal to work is to go ahead and buy the properties after the inspection period and hold them 20 days to resale to my buyer.  I have not found a transaction funding yet that would allow me to hold the properties no longer than 30 days to resale.  The profit spread is $68k for the 8 properties.Any advice would be extremely helpful.

  • John Britt