All Forum Posts by: Elijah Little

I agree @Armond W. I'm definitely open to that; I'll contact you via email with the details.

Thanks @Rafael Floresta I really appreciate the help. I'll apply this insight moving forward and I will definitely contact you if I visit the property. My approach to the game is to make offers 'sight unseen' for simplicity and speed purposes; keeping the old phrase "When you rehab a home, theirs always unknowns" in mind and just making my offers based on rough estimates. I have escape clauses all through out my contracts to get me out of a deal if needed. On another note, I see you're also a Realtor? I think there can be a mutual benefit between us. If you would allow me to reciprocate my value to you via email I have some cool ideas I would like to share with you. 

Please let me know if and when you're open for discussion.

Best regards,

Elijah Litttle

Thanks for your helpful insight @Rafael Floresta! The zip is 19136 Northeast Phila. in the Holmesburg area. She 'says' it's in fair shape with just 'wear & tear'. Its currently tenant occupied but idk how long the lease has been. We haven't discussed a down payment yet but I intended to offer her work (via my uncle) if anything at all instead of money, she seems pretty motivated to just walk away for the debt she owes. In addition to that, I use a clause in my contract that states "earnest $ will be held in escrow of my preference with a promissory note", that way I have time to find my end-buyer to do a wrap mortgage and use there funds to cover the earnest $. I wasn't exactly sure what the market rents were so thanks for those figures it really helps. Do you think I could offer this property on a note in 'As-Is' condition if in-fact the condition is exceptionally 'move in ready'? And if not, if repairs are somewhat substantial, would it be better to just wholesale this property to an investor if the numbers work out, considering I don't have any money for repairs? 

Side Note; I have never done renovations, so I have been using a ball-park figure between $20-$30 per Sqft depending on the size of the property. I use this as my 'Cost of repairs' and I factor that number into my analysis when making offers. Is this anywhere near accurate or ideal for an investor or am I being too conservative? 

Any constructive criticism is greatly appreciated.

Thank you for your patience,

Elijah Little

Thanks @Steve Vaughan! I really appreciate your help. I will apply this insight moving forward.

Hello BP community, my name is Elijah. I'm a newbie investor and I'm still fishing for my first deal. I have a deal with a lot of Sub2 potential, but I'm not sure how I should structure the deal or what contracts to use. The seller's motivated and just wants to get rid of the property with a little bit of $$ for her equity. She's not pressed for cash as she too is an investor, she's primarily concerned with alleviating the burden more than receiving any $$ at this point. Initially I wanted to do a wrap, but the property is cash flowing with a tenant occupant, making it more valuable in my opinion. My question is; is there anyway strategic ways I can acquire this property Sub2 having no money to cash her out for her equity? I really would like to keep this property for myself rather than wholesale it or evict the tenant to do a wrap.

Here's the #'s: PITI $470.00, Balance $55k payments are current, Rent $700.00, Market Value after 2016 $84k

P.S. Any advice or direction with this matter is greatly appreciated.

Thank you for your patience,

Elijah Little

Hello BP community, my name is Elijah. I'm a newbie investor and I'm still fishing for my first deal. I have a deal with a lot of Sub2 potential, but I'm not sure how I should structure the deal or what contracts to use. The seller's motivated and just wants to get rid of the property with a little bit of $$ for her equity. She's not pressed for cash as she too is an investor, she's primarily concerned with alleviating the burden more than receiving any $$ at this point. Initially I wanted to do a wrap, but the property is cash flowing with a tenant occupant, making it more valuable in my opinion. My question is; is there anyway strategic ways I can acquire this property Sub2 having no money to cash her out for her equity? I really would like to keep this property for myself rather than wholesale it or evict the tenant to do a wrap.

Here's the #'s: Mortgage $470.00, Balance $55k payments are current, Rent $700.00, Market Value after 2016 $84k

P.S. Any advice or direction with this matter is greatly appreciated.

Thank you for your patience,

Elijah Little