All Forum Posts by: Eric Gamble

@Carson Wilcox 

Your comment on "seasoning" is spot on!

I am wondering how feasible a Private Money Partner structure that rewards them with a higher equity split and/or a higher interest only rate might positively affect this seasoning issue.

Many thanks Daniel, I will follow-up with you.

-Eric

This property in located in Salem, OR 97304 area.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Investment Info:

Single-family residence fix & flip investment in Salem.

Motivated FSBO ( the classic "good person in a bad situation" related to medical health ). Good area and the house has some deferred maintenance. The seller has 3-positions on the house and a tax obligation. So, I am working with seller to craft a win-win-win (front-side and back-side) for all parties.

ARV: $350,000.00
MPP: 273,890.00
Repairs: 17,500.00

Potential Profit: $45,500.00
Holding Days: 60
Images to be added soon... (by the New Year)

What made you interested in investing in this type of deal?

An urge to assist a person in need.

How did you find this deal and how did you negotiate it?

I found this deal because I have used this person as a "goto" source for understanding a R.E. Broker's perspective. And, during one of my many questioning sessions he stopped me and asked if I might be able to pull a deal together.

After getting a base understanding of the situation, I informed him that to make this deal work, I would need the seller to carry the down payment and/or consider playing in the potential profits after the fix & flip.

How did you finance this deal?

I will be using hard money for this deal and a partner to cover the carrying costs, until sold.

How did you add value to the deal?

Comps: $350k
ARV: $350k
Offer: $245k (targeted) max of $273.8k
Repairs: $17.5k
Holding Days: 60 to 90

What was the outcome?

In process... ensuring financing.

Lessons learned? Challenges?

Still working the deal, will post an update as stages are completed.

Investment Info:

Single-family residence fix & flip investment in Salem.

Motivated FSBO ( the classic "good person in a bad situation" related to medical health ). Good area, house has good bones, and not much deferred maintenance. However, the seller has 3-positions on the house and a tax obligation. So, I am working with seller to craft a win-win-win (front-side and back-side) for all parties.

ARV: $350,000.00
MPP: 273,890.00
Repairs: 17,500.00

Potential Profit: $45,500.00
Holding Days: 60
Images to be added soon... (by the New Year)

What made you interested in investing in this type of deal?

An urge to assist a person in need.

How did you find this deal and how did you negotiate it?

I found this deal because I have used this person as a "goto" source for understanding a R.E. Broker's perspective. And, during one of my many questioning sessions he stopped me and asked if I might be able to pull a deal together.

After getting a base understanding of the situation, I informed him that to make this deal work, I would need the seller to carry the down payment and/or consider playing in the potential profits after the fix & flip.

How did you finance this deal?

I will be using hard money for this deal and a partner to cover the carrying costs, until sold.

How did you add value to the deal?

Comps: $350k
ARV: $350k
Offer: $245k (targeted) max of $273.8k
Repairs: $17.5k
Holding Days: 60 to 90

What was the outcome?

In process... ensuring financing.

Lessons learned? Challenges?

Still working the deal, will post an update as stages are completed.

Investment Info:

Single-family residence fix & flip investment in Salem.

Motivated FSBO ( the classic "good person in a bad situation" related to medical health ). Good area, house has good bones, and not much deferred maintenance. However, the seller has 3-positions on the house and a tax obligation. So, I am working with seller to craft a win-win-win (front-side and back-side) for all parties.

ARV: $350,000.00
MPP: 273,890.00
Repairs: 17,500.00

Potential Profit: $45,500.00
Holding Days: 60

Images to be added soon... (by the New Year)

What made you interested in investing in this type of deal?

An urge to assist a person in need.

How did you find this deal and how did you negotiate it?

I found this deal because I have used this person as a "goto" source for understanding a R.E. Broker's perspective. And, during one of my many questioning sessions he stopped me and asked if I might be able to pull a deal together.

After getting a base understanding of the situation, I informed him that to make this deal work, I would need the seller to carry the down payment and/or consider playing in the potential profits after the fix & flip.

How did you finance this deal?

I will be using hard money for this deal and a partner to cover the carrying costs, until sold.

How did you add value to the deal?

Comps: $350k
ARV: $350k
Offer: $245k (targeted) max of $273.8k
Repairs: $17.5k
Holding Days: 60 to 90

What was the outcome?

In process... ensuring financing.

Lessons learned? Challenges?

Still working the deal, will post an update as stages are completed.

Jeremy, thanks for organizing this event. I was listening to the BiggerPockets' PodCast on GPS (Goal Setting) and one of the recommendations was to schedule and attend a MeetUp.

Cheers!