All Forum Posts by: Jeff Moore

The above post is for primary residence not the investment property referred to in original post

I have almost 800 credit and show income of $200,000 yearly. We were denied personal line of credit by bank because of our debt to income. 2 years ago we renovated our kitchen and bath room but couldn't get a HELOC because we purchased our house 9 years ago at the height of market. So now after 10 years of paying and finally have some eqiuty based on current value but not enough to pull out and money from it so we took out a loan to pay for our kitchen and bath putting our debt to income too high.

Hello 

I have a property I am trying to purchase and my private lender backed out (family).   Here is the info

PP 48,000

cost to buy hold and sell approx $25000  This includes realator,  6500 seller concession insurance and any other cost involved other than repairs

Rehab cost $40000  all  work  contracted out to liscenced contractors

Total cost $113,000

Reasonable ARV is $140,000 Could sell for more but want to sell quickly

Profit  $27000

I have $25,000 to invest   Looking for the rest approx $80,000  (don't need sellers concession and other closing costs upfront thats why I only  need about 105,000 total)

Please let me know if you are interested in lending money for  6 months

Thanks,

Jeff

I do not invest in Medford but I   have a house I was in process of buying where my private lender fell though (family)  Please let me know of you know of any lenders in the area or if you would like to hear about it I can go over with you also.  The property is in pemberton NJ

thanks

Jeff

Wow! You took on a lot for your first flip. Congrats

Find a good realtor who will submit bids on REO's regularly and check out BP market place for deals in your area!

Definitely look for a different house as they are not motivated. Remember you make your money in the purchase and realize it in the sale!

Thank you Jonathan!!  Almost all the info I found is about how to find seller and how to negotiate nothing about what to do after you have come to an agreement with the home owner.

I have been searching BP and the internet for this basic question and have come up empty.

I found a distressed seller that wants to sell now what??  Do you bring contracts to the meeting if so where do you get them from?

So after direct mailers have been sent out and sorting through the phone calls and setting up meeting with seller Where does everyone get their contracts to have them sign?? I.e. Cash, seller carry back, and subject to contracts Thanks in advance for your feedback!!