All Forum Posts by: Rami Shahmram

First you want to get it under contract and send it to your title company to look if title is clean. From there it should be easy to assign. 

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Rami

 The city will negotiate with you only after you close on the property. As for your question, I wasn't 100%confident but I did get the impression that the city will work with me since they also have interest to put it behind them. I was expecting to pay anywhere between $5,000-$10,000 and eventually ended up paying only the "hard costs". 

It is real estate investing after all and there is always a risk. This time it was worth it.

We purchased an REO property for $201,000 after the bank asked $273,000 (I Guess it is true the saying "in real estate you make money when you buy").

The house had close to $400,000 in code violations and municipality liens. We negotiated with the city and eventually ended up paying around $4,000 only. We had to put close to $70,000 in rehab costs, holding costs etc.

After 5 months we were able to sell the house for $346,000 OFF MARKET.

Couple of weeks before the renovation was done, we decided to put a FSBO sign in the front yard.

Since the house had great curb appeal, we got lots of attraction and many showings.

We made a profit of almost $72,000 on this deal.

Another great success story!

May all investments will be the same as this one...

We purchased an REO property for $201,000 after the bank asked $273,000 (I Guess it is true the saying "in real estate you make money when you buy").

The house had close to $400,000 in code violations and municipality liens. We negotiated with the city and eventually ended up paying around $4,000 only. We had to put close to $70,000 in rehab costs, holding costs etc. 

After 5 months we were able to sell the house for $346,000 OFF MARKET. 

Couple of weeks before the renovation was done, we decided to put a FSBO sign in the front yard.

Since the house had great curb appeal, we got lots of attraction and many showings. 

We made a profit of almost $75,000 on this deal.

Another great success story!

May all investments will be the same as this one...

@Jeff Filali, I also understood I can sell the note later on as a performing note if I need the cash. Do you have any insights on this methods?

@Account Closed first of all thank you for all the info.

The offer I received is still a verbal offer so we have not decided the terms yet. I am still researching my options. As for your question, yes my initial purchase from the bank was all cash.

Thank you again  

 It is a SFH. I also wanted to know who should I go to in order to structure the deal? an attorney?

,,,

Hello BP,

I am a fairly new investor in Fort lauderdale, FL area. Recently I purchased a house from the bank, rehabbed it and now I am ready to sell it. I have few potential prospects that asked me if I am willing to finance the deal as an owner finance. I wanted to get any piece of information that is out there from experienced investors. What are the pros and cons? What should I be aware of and  basically any information will  be greatly appreciated.

Thank you!