All Forum Posts by: Jeremy Jackson

Happy holidays BP'ers!

I've found an off market property.

Asking:  $45k

Needed repairs:  $10k

ARV: $75k

Monthly rent:  $900/month

Property taxes:  $483 annually

House is in a good neighborhood, nice lot, good bones, mostly needs updated.

Seller is very motivated.  She is the executor of the estate.  Property was previously owned by her grandfather.  She has a lien against the property for less than $10k.  Her property taxes are due now ($500).  Not listed with an agent

She stated she had a verbal agreement with another guy, but he bailed without notice.  Her previous agreement was:  buyer pays current tax bill (buyers idea, not hers), purchase price of $40k, $10k down cash to seller, contract for deed, remaining balance ($30k) due in Jul 2017.  I asked if she was requiring a payment from buyer Jan-Jul and she stated no.

She originally told me asking was $45k, I asked her what her previous deal was and she spilled the beans so I know she'll go $40k sales price (possibly lower).  She expressed numerous times that's she's "flexible."

I've never done a creative finance deal and would like some idea's.  Any help is appreciated!

@Tom V.

@Chris Seveney

Thanks for the feedback.  I've sold 2 like this without an agent.  First one was 10 years ago and I used an attorney.  Second one, I found a buyer and just used my agent to handle the paperwork.  Didn't think of that on the buying side.  Sounds like I'll be lining up a title company and talking to my agent in the morning.  Thanks again.

Hey BP folks!  I hope you're investing endeavors are going well.

Tough market right now in the area and price range I'm looking, low inventory.

I found an off-market property from a landlord that's tired and wants the property gone.  If I move forward with this deal, how do I move forward?  Who needs to be involved.....attorney, title company?  If this works out, I'll be paying cash, no mortgage.

Thanks in advance.

@Seth Teel What area of Louisville?

I hope I can share many more!  :)

@Nicole Clemens $40k

@Brian Adams is a BP member  and will take care of you.

I looked through a house recently in a neighborhood that I'm always watching.  Great neighborhood and houses are appreciating there.  The house is listed at $150k.  Was previously listed at $160k.  Arv is $180-189.  House is solid but outdated and would require about $20k worth of upgrades.

I looked up the owner through tax record website.  Found them on facebook and we chatted for a while.  They are motivated to sell.  Their monthly mortgage is $1200 per month and about $125k payoff on their mortgage.

I'm interested in doing a live in flip, staying there 1.5-2 yrs, updating along the way, then selling.

I have the ability to use a second VA loan but it has to be $144k minimum and this house isn't worth that to me.

I could go FHA but really want to keep my cash free while looking for other buy/holds.

I've never been in a creative finance or owner carry deal.  What can I offer?  Recommendations?  I know they want to sell and they contacted me again today, despite having an agent.

@Mike D'Arrigo  You're absolutely right.  I established my property criteria and numbers that I was after and it didn't take long for me to realize this was rare.  I'm still looking though!

@George Despotopoulos  PM me.  I have a lender that I'm happy with but I'd be willing to discuss rates with you.  Thanks for reaching out.

@Peter Vekselman  I aprreciate the feedback.  I purchased this property a year ago.  As soon as we had a tenant in, I knew we had a good property and everything went as planned as far as numbers go.  I've been looking for others with similar numbers but they have been hard to find.  I have my eye on one now and we're preparing an offer.

How would you market for this strategy you're suggesting?  Craigslist?