All Forum Posts by: Jay Jonez

 Wondering how I could structure this
I have a seller who has his ear opened to do a seller finance deal/ mortgage wrap. He has a tenant that's renting the property for 3+ years for $1000/month.The seller wants $80K for the property and its ARV is $100K in a nice area that could rent for $1100-$1200 / month.
Seller is willing to take $800 and give me what ever I rent out the unit for which right now would be $200.

Monthly Payment (PITI)- $700

Interest rate : unknown at the moment but could be 3.5 

Loan type: Conventional 

How could would you work this deal if you did creative financing?

@Joe Villeneuve okay what would that look like?

Do you have an example on how this could be done?

I have a home owner who contacted me today in a nice area of my market that has an average of $1141 in Rent and ARV of $140K. Here are the details:

His spouse past unexecptly and now is wanted to sell and open to hearing my offer.He really wants time to sort through the things from his spouse and wants to move.  He wants/willing to pay me $1100 month so that he can stay in the house for a year lease so he can get his things and time to get his new place. He lost his spouse and has also been taking care of his ill father. His explanation is that he does want to sell but needs time to gather what he wants from his spoused who passed and wants to have a place.

Here's the catch, he has a current land contract that has $80K still owed and a monthly payment of $850/month not sure of the interest rate .I plan to get more details on the land contract tomorrow.

Would it be smart to still do this deal with creative financing or would you stay aware from this type of deal?

ARV: $140K

Monthly Payment: $850

He willing to pay $1100 ( to me ) +$300/ Month cash flow

Still owes on land contract: $80K

@Michael Balsitis thank you I will send you a message

Hi I'm a wholesaler in the Metro Detroit market at the moment looking to start wholesaling in the GR (Grand Rapids) area and to provide some great deals to investors . Ive closed deals and looking to expand within the Michigan market and did a little research about the GR area. 

I'm wondering if there are wholesalers, Investors (Flippers or buy and hold investors) and Realtors could help me learn about the good areas in GR (or West Michigan) . I'm not sure if Holland or Muskegnon  are hot market for wholesale deals where cash buyer are buying. I pulled to see where the hot zip codes were which I seen 49505, 49504,49503,49507 etc.) Not sure how accurate that is but any information about the West Michigan markey would be helpful in making my decision. 

@Jay Hinrichs thank you Jay those are things that I need to hear. At this point I’m advising the seller on the best option for him to sell with a realtor. But definitely sub too can be a good strategy but can be very dangerous

@Joe Villeneuve

The range of $183K-$303K is a general range of what the area is selling for. Not necessarily the particular house I’m talking about. I provided that detail so that the reader could get a picture of it since it’s a desirable area.

I know the area As I don’t stay far from it the house would easlily sell for $210K.

Hi, I’m a wholesaler and just wondering if there’s a way creative way to structure this deal.

Details:

So I have a seller who has been in preforeclosure twice in the last two years. He owes $163K -PITI (FHA) the neighborhood is a beautiful area which the comps are selling from $185K-$303K.

Price per sqft is $112.55.

This house around 1800 sqft feet colonial with a 2.5 car garage and full unfinished basement. I’m sure this house could sell for about $225K possibly more it’s a hot area in a pretty good school district.

Financial details w/seller wants :

ARV: $215K-$225K (could be more)

Mortgage:

$163K -Monthly payment -$1471-PITI

Seller wants is cash:$15K-$20K?

Repairs: $10K-$15K

Repairs:

*The roof needs to be fixed

*Pool- needs a new line which can close $5K-8K. So if it’s cheaper maybe just fill it with cement.

*Other than that the house was in great condition didn’t see foundation issue kitchen,bathroom were nice.

So with the details I’m working if there’s a way to do seller/owner finance (Sub 2) where I could make a profit and seller could get money and be happy as well.

@Sean Rooks great breakdown . This is the best BRRR method. Congrats on you completed BRRR. I plan to do my first one by next year.

Cheers to many more

@Joe Doman thank you for your feedback yes just found it about “shacktown” lol didn’t know that’s they call it. Glad I reached out. When you say south of Palmer, is Palmer the street or sub division?