All Forum Posts by: Jamaal Hunt

Ned Carey
I got you. Wednesday is the day of closing and I have your business card. Im taking off that day.

Once I get paid (hopefully) i place consideration in getting me a lien to properly get my money up on this "18%" investment.

I've talked to an agent it was based on getting money from "out of state investors" so maryland can get their "fair share". I'll gather information and would love to have this law in my back pocket dealing with out of state investors regarding baltimore properties (which is a ton of them)

ARV 95 ~ 100K
Repairs 40 ~ 60K
Under contract for 18K. sold at 19K.

Seller wanted 25K and I negotiated down to 21K since there were some comps in the surronding area for that price. However there was a property on the same block that sold for 10K. Eventually I've convinced him that if he wants to get this sold at all it has to be in the teens. Once it reached that price then bam! Almost an instant purchase. The price is pretty much the max amount he can get right now. He can "wait" but the problem is the area still a bit "hood" and most arent willing to pay over 20.

That was a close one. The lawyer whom is handling the settlement explained the new law from Maryland to the seller. Apparently this law existed since 2006. I’ll own up to not knowing this. Once the seller learned that the state is holding his money and he’ll get it back within 60 days all things went good and im BOUT TO GET PAID on May 29 2013. If you see me posting back again with that info then it is pretty clear.

Received an email from lawyer and we will be reaching closing on Tuesday. However the owner just learned and wasn’t happy with the fact of a 7.25% of their net for Maryland withholding. Thing is they’ll get in 60 days when they apply if there are no capital gains but they aren’t happy. It looks like I have lost control. Seller is calling most likely a bit upset. He did bring up the extension and was adamant in getting the money in full per the agreement. Am I missing something? Did I do anything wrong by not suggesting this? Honestly I didnt know about something like this. Something tells me I should've known about this from the start. The unfortunate part is the buyer is ready to go. Getting closer and Bam!

Update.

Everything is a go go and buyer states that HUD-1 is straight and good. The scenario is that title company has escrow while their lawyer is going to settle. Just waiting for that phone call to call owner. I guess we'll find out on Monday

Indeed as long as your envelope is handwritten they'll open it anyway. Thing is though so many people are using the "handwritten" approach and many sellers get tons of them. So what makes your actually stand out? Some will say the "color of the ink" or the "color of the envelope" or "depends on what you say" Well the thing is it doesnt matter. If you just so happened to be the right person to mail to them at the right time they'll call. It is just that simple.

I didnt get the comps yet since I am waiting on the agent to provide me 3 years of history to see if the duplexes values are decreasing to state why I am "offering" low. The plan is that I will be moving in and renting out the other one as stated. Here are the numbers.

Monthly Rent 1700
Taxes (278)
Management (170)
Vacancy/Repair/Reserve (340)
Insurance (50)
Ground Rent 0
All Registrations (4)
Profit to new owner (425)
Amount to pay mortgage 433

I like to pocket at least 25% of the rent and the rest will go to things of importance. Vacancy repair and reserve is about 20% of the rent. My current rent I am paying is $850/mo so I am going to take what I am paying now in rent to take care of the expenses that I need to deal with and possibly pay off the loan even sooner.

Value with Amort Loan
No of years Interest Balance Loan amount
30 8% $433.00 $58,495.44
9% $433.00 $53,381.91
10% $433.00 $48,982.25
11% $433.00 $45,172.95
12% $433.00 $41,854.74
13% $433.00 $38,947.42

Value using interest only loan
Interest PMT Value
8% 433 $64,950.00
9% 433 $57,733.33
10% 433 $51,960.00
11% 433 $47,236.36
12% 433 $43,300.00
13% 433 $39,969.23

Settle In 1951
1st Year Insurance 600
Down time before tenant 3400
1st mo mgmt fee 1700
repairs needed 0
Total Expenses 7651

What you do is you subtract the total expenses rom each of the loan amount for my offer.

Starting Bid $31,296.42
Ending Bid $57,299.00

Now thing is that the numbers can change depending on what my insurance may actually cost. The settle is just an average based on a property of $65000. Once i get the comps Ill post them too.

I know for sure I didnt provide my email to any of these people.