All Forum Posts by: Dario Cruz

Good afternoon everyone, I wanted to give an update and thank everyone that gave me advice regarding this deal. I ended getting it under contract and closing at 250k with 20k coming from the seller. I JV'd with an experienced flipper, split profits and learned a ton. The purchase and rehab was done with a combination of hard money and personal credit cards, effectively using none of my own money. We listed at 499k and went under contract within 24 hours with an offer at 515k. There was bonus item in the garage, a completely restored 1970 El Camino SS that the seller threw in for free.
Seller was happy, I was happy and we all got what we wanted, seller even gave a testimonial on my social media account. Thank you so much for your help and advice, I took the plunge and got it done in a simple manner thanks to your suggestions. 

On to the next!

-Dario 

 Thanks Tim! I wasn't aware of that, I'll continue to reach out to the owner and see if there is a solution.

Good afternoon Everyone! Have any of you ever been able to purchase a home from the bank before it hits the courthouse steps? Auction is set for April 26, home is located in 22193 VA.

@Tim Delaney
Hi Tim, I'll do my best to explain. I ran my comps by other investors in my area, a wholesaler, private money lender and a realtor. I also own more property in the area (Northern VA) and have seen property trend upwards consistently. As far as the loan goes I'd have to do some research on that. It looks like the owner purchased at the height of the market in 2006/07 and then refinanced at some point which, now what I'm taking a closer look, seems like the loan is not actually at the 15 year mark. All that being said, I'll take into consideration what you've mentioned and do more due diligence and also see what the title company comes back with. I am still learning and this is definitely a learning experience for me. Thanks Tim

 Thanks Phil, you’re right. I’m trying to be too clever here, I’ll buy it now and get it done. Thank you for your feedback. 

 Makes perfect sense, thank you! I’ll close the deal and keep it simple, I didn’t mention sub to to the seller but wanted some more input on the situation. Your help is much appreciated

Good evening BP! I am currently under contract with an off market deal found during driving for dollars. The seller and I agreed on a purchase price of 250k, repair estimate is 75k, ARV is 400k+. The caveat is the seller owes 270k mortgage, the loan is 15 years in. Seller has agreed to come out of pocket 20k to get rid of the property but I wanted to know what suggestions or opinions you have, could I structure this in a better way, like a sub to? I've never purchased a deal off market much less ever done a sub to deal. Thanks in advance, as always I greatly appreciate your feed back!

Dario

Awesome, congratulations!!