All Forum Posts by: Account Closed

Hello @Account Closed

Thank you for the response. With adjusting the numbers and including an assignment fee, if I where to sell at 80k with an Arv of 339k my ROI would be 23.5%.

Now of course those margins would increase if decided to rehab and sale.

Hello BP. Well after a dedicated year I have a deal! I have a solid idea of how to best capitalize but I am excited to see the many minds of BP share its collective experience for this newbie. I am in the unique position to take it down myself or assign it make a nice spread,cash flow and combination of both. If i had a leaning it would be to assign and use my profits for more marketing towards pre-foreclosure's and lease options with the goal of  scaling my business to large multifamily apartments, with my first purchase of a quadplex first quarter 2017. Looking forward to all insight.

Subject to existing financing. 

Cure of back payments:  $30,523.54

Closing Cost : 600 (or less)

Outstanding Principle Balance: $ 237,355.83

Original Principle Balance: $245,113.00

Mortgage (PITI) $ 1175.89

Rentometer estimate: $1695-1700

Interest Rate: 2%

Type: VA 30 Yr Fixed

Rehab Cost : $7.5k-10k

( Realtor Comps)

Listing Price between $339,900 and $425,000

4 Bedrooms

4 Total Bathrooms

2,887 to 4,300 Square Feet

$92.92 to $124.66 per Square Foot

Wow! Thank you all for the input so far. 

I'm in the process of seeing exactly what can be done with the property since its zoned as commercial, so far it looks that the parameters for the town homes is the same for the sellers property. 

1. 

@Bill S. I'm leaning towards a mark up of the 300k since the two lots to make up the 5-8 unit build each went for 268k which wouldn't make 300k all that unreasonable for adjacent property to their build.

@Nate Wightman I agree that sooner than later would be better and for talking with the developer or any investor in the area that wants to build a multi family.

Tomorrow can't come fast enough so to find out if I dig in more with this potential deal or put it on the back burner. Good thing is ill lock  the property up for 6-7 months and get some buzz going around it, if  at all possible.

@Steve Vaughn

Thanks for the reply! To be clear they owe 191k on the home with the average comps around 220-225k.It gets a little strange as that they our next a 450k sfr and 300k with the multifamily town homes anchoring there back yard. As they are in the market for a new home they are open to options to. There motivation is due to not enough room for the family.

Yes they are! I understand some would say working with family can be a bag of problems, but that's not the case here. What is your reasoning for asking?

Hello BP! 

I have been soaking up all I can on BP for the past year. As this is my first, please bear with me and take it easy!

I have been focused on on wholesaling in Colorado Springs,CO, not much success YET but I am committed. As I am originally from Tacoma, WA there is a large family presence there. While recently talking with a family member, I was made aware of a potential deal. I'll be brief as possible with the details.

Scenario: I have the opportunity to market a sfr that is also zoned for multifamily. Behind my relatives home is a new multifamily development of townhomes. I can get a contract for purchase and sale for roughly 210k. While this is a retail price essentially I would be marketing to the same multifamily developers to purchase the property for additional parking space or additional units. The previous homes that where purchased and demolished for the new build each went for 268k. As it stands now the value of the multifamily town homes are roughly 1.3-1.5 million. 

Does anyone have experience or advice of how i should proceed? Thanks!