All Forum Posts by: Jeff Smith

Ok heres an update and more info...
ARV 65,000 (over conservative)
Tax 75,000 (always high)
Contract price 37,500
MVR 8400.00 yr.
Debt 6000.00 yr.
behind 6 mo. = 3000.00
repairs needed 7000.00 (rent ready)
Rehab cost 15,000

That was until today... now I have new contract stating 14,000 from mortgage being assumed and 15,000 going to seller on promissory note with 2 yr ballon.( plus extension if needed)

So my question on exit strategy is still up for your opinions.

How would others like to exit if it was there deal?

Please feel free to advise
Thanks

does anyone care to reply?

Hi everyone,
I have a house under contract for 37,500. I have not been able to wholesale it. I just found out that the property is in pre-forclosure and the mortgage is a non qualifying assumable. the balance is 14,000. Should I do a subject to with seller and create a second note with them for some of there equity? should I assume it and create a second note ? Should I just try to negotiate a lower price and hope to wholesale it? My exit strategy is to 1. wholesale make 5k or more 2. sell owner finance at higher price get downpayment money 5k or more take the spread for a couple of yrs then they cash me out pay off the notes and keep the spread . Advice is needed and welcomed

thanks
Jeff

Check with your limits as an agent but I would find Investors who do Short sales and pass these leads on to him/her for a finders fee.