All Forum Posts by: Albertinny Colin

@Ray A Delfi Oh no trust me, I need help lol. Thanks for your reply! I have only completed one traditional wholesale deal in the past. I am a little familiar with Subject to's but still uncomfortable with structuring them. I have no cash on hand to facilitate the transaction and my goal was to get them to sign an agreement in which a down payment amount would go to them at closing and then assign that agreement over to another investor. I am confident it's a good deal but wouldn't know how to handle hard-money to close on it by myself (intimidated and uneducated). I estimated the repairs for the Burlington downtown at a fix n' flip. If it was to be rented out, it would definitely be less. Homes like this rent for $1,950-$2,100. LTV is 196,000. The Westford property needs a window replacement and maybe a touch up on the front and back deck. That can be rented as is with way less than 10k put in the repairs. Estimated rent in the area is 1,800. LTV is 193,000. Let me know if I answered your questions because I am still not sure what the best point of attack would be for those two deals. Thank you.

I have 2 properties currently in the pipeline in Chittenden County, VT that do not meet the 70% rule. I got both owners down to a below market value price where both property owners can pay their mortgage and have a little cash to move. One is in Burlington downtown and needs work but the mortgage on the property does not allow to me get it at wholesale because of the owners moving and wanting some cash at hand. The house needs work (Under contract at 177k, Repairs 30k, ARV 246k). The other one is in Westford. The property is solid and needs cosmetic. I also got the owner down to a price that is below market value with the owner wanting to walking away with 7k along with paying what he owes the mortgage (Under contract at 160k, Repairs 5k, ARV 205k). Here is where I need assistance. Should do a subject 2 for both properties in order to have a bigger pool of interested buyers that way I can assign it more easily. I'm not sure how else I can make this work when the property is not owned free and clear and the mortgage amount seems to be a conflict in making this a traditional wholesale deal. HELP PLEASE!!! :)