All Forum Posts by: David Gamble

@Tim Sherrod  Yes you can refi and pay the note or mortgage off.

@Mike Dymski I definitely didn't think about putting to the size for cap ex, repairs, vacancy, taxes, and insurance etc. That'll bring the monthly cash flow down to about 150 and ROI could be as low as 3.5% so it definitely would be easy to go underwater if the market turns.

@Mike Dymski Thank you for the feed back. Even though its 700 dollars in cash flow and you'll be out of pocket 25k? I would think ROI would be pretty good right? How are you running your numbers to say yes or no it'll be a good rental? Also it's only 5 minutes away from uptown Charlotte so I can definitely see it appreciating.

Yes it's free and clear. 

I have a potential Seller fiance deal 

Property ARV: 200,000

Asking Price: 135,000

Down payment :25,000

Repairs: 25,000

Rents in the area: 1200

Monthly payments: 501 (Principal only payments for 3 years)

Payments won't exceed 501  

Potential Cash flow:699

Is this a good deal? 

@Timothy Lewman

Thanks for the feed back both options sounds reasonable. Have you done any wholesaling deals

@Mike M.

Now I see why the 5k would make more sense. I new to the subject to deal situation. I’m still learning

@Account Closed

The house is basically move in ready just some minor cosmetic problems cause by normal wear and tear(it was built in 2015). If my assignment fee 35k and the mortgage is behind 50k the total due at closing would be around 85k and the buyer will take over the payments. The ARV is 317k because its a 5 bedroom 3.5 bath 3,100 sq.ft and the recent comps in that area were use to calculate that amount. The person owes 234k on the home so wouldn't I subtract 317k-234k= 83k in equity in the property? This is the part I'm getting a little confused on.

The house is basically move in ready just some minor cosmetic problems cause by normal wear and tear(it was built in 2015). If my assignment fee 35k and the mortgage is behind 50k the total due at closing would be around 85k and the buyer will take over the payments. The ARV is 317k because its a 5 bedroom 3.5 bath 3,100 sq.ft and the recent comps in that area were use to calculate that amount. The person owes 234k on the home so wouldn't I subtract 317k-234k= 83k in equity in the property? This is the part I'm getting a little confused on.

@Mike M.

I understand but the house was built in 2015 so renovations will be to a minimum and the first thing I tell a seller is that a contract will be involve between both the seller and myself and the buyer and myself and also in the contract that I have I make sure the seller knows that if there are any unknown liens or taxes on the property, that may prolong the situation outside of the deadline that was giving. I’m not here to run a shady business I’m here to help people solve there problems. And if the seller can’t be upfront with me about the taxes and liens it’s going to come out regardless.