All Forum Posts by: Jorge Caicedo

2. (cont) ARV= $254K REPAIRS =$56K C&H-$5K Buyer asking $139k
$139 +56 +5= $200k
I plan on marking it up to $146 to make a $7k fee. Again with the hard money, if my buyer is lent a max of $177,800, will he have to come out of pocket at closing? He wants to make $40k on this one doing a flip btw

Hopefully i'm phrasing these questions right. Any help is appreciated

Ok , I'm close to having these contracts assigned..they are:

1. ARV $415K REPAIRS-$35K C&H $7K BUYER IS ASKING $220K
220+35+7=$262K 415-262= $153K I plan on marking it up from 220 to 273k to make a $53k fee. However , my lender is going to use hard money which will lend up to 70% max. 70% of 415k=$268k. If all my lbuyer gets is $268, can I still assign my interest for $53k? or will that leave him way short? need to know b/c this looks like it'll be closing next week!

****UPDATE***** Well buyer hasn't returned my calls in 2 days and come to find out that there are $40k in interest liens on bothe props. These are the ones w/ the $415k ARV and the $254 ARV respectively.
Even though my buyer for all I know could've disappeared, i doubt he's gonna want to chunk out out that amount in addition to putting up a dowm pymt since he's trying to do bond for deed on the one w/ the $254 ARV
I've the potential to make $60k on these 2 deals and if that goes south..well there's always a day job.. I've tried to get more leads coming in by pushing my website but so far, no dice. However being that i'm a masochist of sorts(you have to be to live in Louisiana, especially w/ real estate) i'm still gonna see what i can do short of a going postal

wheatie, he's looking to hold it for a yr then refi..apparently he has a lender that can do so.. he's pretty set on it tho b/c he's doing bond for deed and has already signed the bond for deed document. all i need to do is get the seller to sign the purchase agreement and then assign my contract. He gave me the closing cost amountt actually..anyway, should I lower my asking fee? and the ARV is $254k

OK-ARV-$254 PRICE-$139K REPAIRS -$56K CLOSING COSTS-$1500
Buyer wants to hold prop for a year and then refi and flip it. He's looking to make $40k on the flip.. I'm looking to assign my contract for $10k.
Is this about right? Consider: $139k+$56k+ $1500 +$10k= $206,500
$254,00-206,500= $47,500. Now, should i subtract the 40k from that number? If so it's leave $7500 in equity in the deal..or should i adjust my assignment fee to reflect the amt of equity? basically, i'm just trying to make sure he won't cheat me out of my fee. Advice is greatly appreciated as this is gonna close w/in the next few days!!

so far, no

RD, thanks for the kind words..when you do impement it, you'll probably be the first. Go for it.....

Hello guys, update! went and met w/ my end buyer, now i just have to fax the contracts to the seller in Atlanta, of course this contingent upon his Tx hard money lenders giving him an extension, cuz then my buyer sd he'd have something to work with.My buyer and i both signed the purchase contract and my buyer signed the Bond for deed and the seller is gonna call me Tuesday. The prop is $254k seller is asking $139 to clear the mort. Repairs and my buyer's profit will run $96k closing cost about $1500
Now, I asked for an assignment fee for $10k and my buyer said he'll do everything he can to make the deal work. Am i on the right track here?
Also is $10k too much or not enough?

Jason, well a guy just called me on the props-he's a contractor and is willing to do a bond for deed and assume his note on the 2nd prop for 1 yr and then refi.. hopefully the seller will go for it... i should be able to get $8-10k after closing and holding costs..not too shabbyfor a first deal..here's hoping it's a go..and thanks

snowbird, jb I'll let u guys know how this pans out! Thanks a million for the info, it's truly appreciated!!