All Forum Posts by: Eric Renney

Just to clarify, this property was a short sale. The wholesaler has spent the last 5 months in the short-sale process. The two lien holders have just now approved the short-sale price, at $275,000. The wholesaler is offering it at $295,000. It is under contract and sitting in title.

The home is at 5003 SW 11th CT, Cape Coral, FL 33914. 

I am looking for a JV partner to fund a great deal! In return, you will receive 60% of profit at close (estimated $54,000) in approx. 6 months! I was approached with this deal by a wholesale investor in the area that has obtained the property through short sale. Both the 1st and 2nd mortgages have an approved purchase price, and this home is currently sitting in title. I have a contractors estimate, comps package, and property info sheet on this deal (PM me and I will send them right over).

The information on this deal:

This is a sailboat access canal home w/ pool. Very desirable area. 3 bed/ 2 bath/ 2 car garage, under 2045 sq. ft.

ARV: $475,000

Purchase price: $295,000

Rehab: $52,000

Holding: $2,000

Commission: $27,000 (6%)

Closing Costs: $9,000 

Cash needed: $358,000

Your Estimated Profit: $54,000 (30% per annum return)

I'm Looking for a good Real Estate attorney in the Fort Meyers, FL area. Anyone know a good one? I will be doing all different buying strategies, but focusing on subject to at the moment.

I am looking for sellers. I have messed around with list source a little bit but not sure what the best search criteria to use with 1st list. If I were to go a with direct mail campaign. But yes looking for the best bang for the buck that still gets fairly quick turnaround.  Thanks for any advice

I am starting a campaign in new target area (Lehigh Acres, FL). I am looking for some suggestions on how best to spend my budget to get leads quickly. This would hopefully fund my campaign for a few months at least. I am looking at yellow letters, bandit signs, car magnets, flyer handout or door hangers. 

What would you do with this budget and campaign length. 

I could spend more if I have to, but it would have to mean faster results.

Is this $$ amount even realistic?

So if you provided seller with a mortgage contract, would that have to be reported to the bank (original lender)?

How is Fl for this type of strategy. I am looking at doing one of these deals soon. Should this type of contract be written up by an attorney? Do you have to let the mortgage holder (bank) know that you will be making payments and what not? I was under the impression that that would be "assuming" the loan.

I am new at the whole "creative investing" side of this business. I have located about 500 leads on listsource with 90%+ equity, Out of state owner, SFR, 3-4bed, Vacant. Is there a good way to tell how many of these would be "motivated". Is there an average? I've heard the talk to 100 make 10 offers get 1 deal general rule. Should I just send Direct Mail to all of these and track from there? I'm sure its different for every area.

Thank you both for the information. I will look into some local HML's and go that route. I'm defiantly going to check out the podcast also.

Appreciate all the advice and tips.