All Forum Posts by: Pamela Holmes

I have a lead on a property with no mortgage. It's a 1548 sq. ft 4/2 with a carport, sits on an acre of land, need a total rehab. The seller is behind on their taxes. If taxes are not paid by Jan. 28, they may be forced to move out. Taxes owed is $7,000, but $4000 has to be paid by Jan. 28 to save the property.

ARV: $75k

they are willing to accept any offer.

Need options

It is listed with a realtor for $54,900, but the owner has the option to pull the listing. Ideally, I would like to wholesale it, but will consider a lease option.

I want to do this deal with no money no credit!!  I have a lead with the following criteria and want to know all of my options:

The owner has a 3/2 property owned free and clear in Florida; Desperate to move out and find a better place

• Living area 1268 sqft
• Single Family
• Built in 1968
• Cooling: Central

• Cable Ready
• Ceiling Fan
• Flooring: New Carpet, New Tile, New Roof

• Parking: Carport, 2 spaces
• Vaulted Ceiling

ARV: 65,000

list price 54,900, but the seller is willing to negotiate

repairs: minimal

Taxes: 700/yr

What are the options to do this deal?

The length of time for holding the property is for owner-occupant only. If I purchased as an investor, there is no holding period.  Thanks for the feedback, this really helps.

There is a HUD home for sale in a C area neighborhood. All brick, 4/2 1235 sq ft. for $41k; The ARV is $105k. The scenario is I want to wholesale this deal, but HUD is saying I have to close the property in my name, but I can sale it once I close.

How can this be done with an end buyer? I really don't want to use financing for this deal.

I have a private lender that is charging $3500 origination fee with 12% interest up to $50,000. I have yet to do a deal and wants to know how to structure the deal to receive money in pocket at closing. 

Strategy:

Do a JV deal with another wholesaler: Find a property with a tenant and 30% equity listed for $38,000.

Offer $48,000 with a contract in place to receive $10,000 back at closing net any closing cost.

Have a payment of $500+ with a monthly income to the private lender

Collect $800/month from the tenant

What kind of paperwork/contract is required to ensure I receive my $10K at closing.

What will this home wholesale for?

Thanks Jeremy, that was very helpful.

The taxes is approx. 800/yr,  market rent is $1200 in the area. Not sure what the average days on the market is in the area. The owner is current with the mortgage and he is moving out of state to be with his daughter who is in college. 

What are all the options to doing this deal? 

A seller is selling his house for $170k. It's a 2 story home, 3 bed 2.5 bath, 2-car garage, 2,274 sq. ft, built in 1995

Here are the variables:

2 liens - Owe $103K:

 1st Mortgage - 28K - $1,100

2nd Mortgage - 75K - $330

Total monthly payment: 1,430

Repair estimate: $10k

ARV - $180k