All Forum Posts by: Guy M.

I agree with mike, if the transaction is uncontested, then a real estate lawyer or title company (depending on your state) can easily draft up a new deed or deed in lieu to transfer ownership back to you. I assume you get to keep whatever downpayment you were paid at the time of the original transaction?

Thanks for the confirmation, Jeff.

Yes, I will be keeping the downpayment.

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Originally posted by @Account Closed:

Originally posted by @Guy M.:

I sold a small home in the St. Louis, MO area to another investor on owner financing. This investor wants to give the property back to me and avoid the foreclosure process (I do too). What needs to happen?

If you sold on a Lease Option, not much needs to be done. Just write up an agreement that cancels the previous agreement. If you actually sold the property and recorded the deed you can look into a "Deed in Lieu of Foreclosure". A real estate attorney can help you with that one.

Thank you for this valuable and timely feedback, Mike.

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@Alex Silang

I get where you're coming from. Money doesn't always equal wealth... so the correct question would be: is having a lot of money worth it? Well, it depends.

If having a lot of money is a means to being able to do what you want to really do with your life, then yes... it's worth it. Also, more times than not, having a lot of money is merely a byproduct of someone doing something they are really passionate about and loves doing. Being "superwealthy," by itself, isn't a bad thing... the process of getting to that point is what would need to be examined.

My opinion is that having a lot of money shouldn't be a primary objective at all... ever.

I might seem narrow minded in saying this, but I think people who only want to amass a lot of money are the worst kind of people, inside and out. It doesn't matter the career path, these individuals do whatever it takes to make more money. In real estate, those are the people that make investors and real estate agents look like swindlers; in the justice system, those are the people that give lawyers a bad wrap... etc., etc. These money hungry, slime-cups are everywhere.

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Originally posted by @Scot Howat:

Yes. I said it. It goes against the grain of popular real estate teachings. But having goals might be hurting your business.

I’m also a pessimist, if you couldn’t already tell.

Let’s translate this. Your goal is to lift 100lbs over you’re head 10x. When you’re getting close to rep #9 and you’re trying to get that last rep in, what happens? You compromise. You allow bad technique to take over and risk injury (lowering your deal standards). Maybe you start taking shortcuts (possible doing illegal things, or shady business practices). Or maybe you just get discouraged and give up.

OK, so here’s the flipside. Let’s see you do finally get that 10th rep in. What do you do right after you hit it? You stop! Everybody stops once they hit their goal (then they make a new goal). How come you don’t do 11 or 12 or 13 reps if you’re able? Because you were thinking about 10. You do 10 and then you’re done until the next set. No one does more than what is in their head (or written on paper). If you can do more, then do more.

Some days I can only do 5. And some days I can do 15. But if I have 10 that I am aiming for as my goal, then I’m either not living up to my potential, or I’m over stretching myself beyond what I am capable of and open myself up to make mistakes and compromise my standards.

The numbers are not the important part. The things that you do to get there is what’s important. It’s the journey that we should seek, not the end result.

I don't agree... at all. You are assuming a person is inconsistent, has low integrity, and even lower fortitude. Unless a goal is unreasonable or aimed to flat out fail, there is no way a goal is bad for any business.

A journey is an absolute waste of time without an end result. Sure we can gain experience wondering around aimlessly, but what good is experience if it renders no result? The one thing you could gain from aimlessness is poverty, guaranteed.

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Be careful with Zillow (or maybe others). Sometimes properties have inaccurate sold prices on them. For example, a property is on Zillow showing it had sold for $280,000 in 2017 when really it sold for $28,000.

Check the county assessor records to verify the sales price on some properties.

2 Votes

@Damien Cobbs I went ahead and closed on the property, Damien. It's currently on the market for $242,500. Hopefully, it'll be under contract this week. Rehab costs were roughly $22,500.

BTW, thank you.

1 Vote

Originally posted by @Jay Hinrichs:

@Guy M. make 75k is a little misleading

you have holding costs.. you have sales costs.. tax's insurance etc etc.

probably more like 30 to 40k.. but still a great deal for someone !!!

Yup, you're right. Estimated holding costs is based off of 90 days. The rehab is not crazy unless you want to do an HGTV makeover... then we're talking at least $35k+ in rehab costs. In areas like Powhatan, people like their land and quiet. This is a solid deal. No ugly house here. Here's the break down:

COMPS:

	Address	Beds	Baths	Sqft	Acres	Sale/Sold Price
Comp #1:	1345 Avatar Drive, Powhatan, VA 23139	3	2	1678	1.27	$195,000
Comp #2:	1851 Fairpine Drive, Powhatan, VA 23139	4	2	2038	2.054	$254,950
Comp #3:	2485 Loch Gate Lane, Powhatan, VA 23139	3	2	1787	2.51	$277,500
Comp #4:	2084 Bienvenue Place, Powhatan, VA 23139	2	2	1708	0.236	$327,000
Comp #5:	1956 Mill Quarter Road, Powhatan, VA 23139	3	2	1674	55.44	$395,000
Comp #6:	1369 Avatar Drive, Powhatan, VA 23139	3	2	1620	1.47	$128,030
Comp #7:	4383 Worsham Road, Powhatan, VA 23139	3	2	1840		$199,900
Comp #8:	955 Rocky Ford Road, Powhatan, VA 23139	3	2	1712	10.53	$269,950
Comp #9:	1690 Capeway Road, Powhatan, VA 23139	3	2	1879	16	$349,950
Comp #10:	1530 Hollow Log Drive, Powhatan, VA 23139	3	2	1864	5.78	$200,000
Comp #11:	2750 Dorset Ridge Road, Powhatan, VA 23139	3	2	1646	2.004	$232,500
Comp #12:	2502 Loch Gate Lane, Powhatan, VA 23139	3	2	1920	3.3	$238,000
Comp #13:	2553 Moon Glow Court, Powhatan, VA 23139	3	2	1848	2.257	$267,500
Comp #14:	1905 Lower Mill Road, Powhatan, VA 23139	4	2	2010	2.319	$271,000
Comp #15:	3905 Mill Station Drive, Powhatan, VA 23139	3	2	2043	3.791	$320,000

COSTS:

COST SUMMARY
Low		High
ARV:	$226,700		ARV:	$248,600
Purchase Price:	$145,000		Purchase Price:	$145,000
Down Payment:	$14,500		Down Payment:	$14,500
Total Funded:	$130,500		Total Funded:	$130,500

Closing Costs:	$2,300		Closing Costs:	$2,300
Deffered Points:	$2,610		Deffered Points:	$2,610
Holding Costs:	$4,200		Holding Costs:	$4,200
Agent Fee:	$6,801		Agent Fee:	$7,458
Sale Closing Costs:	$5,199		Sale Closing Costs:	$5,199
Rehab Costs:	$20,000		Rehab Costs:	$20,000
Inspection:	$295		Inspection:	$295
Taxes:	$1,481		Taxes:	$1,481
Insurance:	$805		Insurance:	$805
Appraisal:	$450		Appraisal:	$450

Potential Profit:	$37,559		Potential Profit:	$58,802

0 Votes

Bump.

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Here's an opportunity to earn $79k on a flip.

Acres: 1.39

Purchase Price: $145,000

Rehab Costs: $25,000 (No structural issues; needs updating)

Approx. Closing Costs: $2,780

ARV: $249,000 (BPO)

0 Votes

All Forum Posts by: Guy M.

Guy M. has started 17 posts and replied 131 times.

Post: Buyer Wants To Give Owner Financed Property Back To Seller

Post: Buyer Wants To Give Owner Financed Property Back To Seller

Post: Buyer Wants To Give Owner Financed Property Back To Seller

Post: Why do you want to be superwealthy?

Post: Goals are BAD for you! Here’s why...

Post: Is Zillow a waste of time for REI?

Post: Make $79,000 On This Southside Virginia Deal!!!!

Post: Make $79,000 On This Southside Virginia Deal!!!!

Post: Make $79,000 On This Southside Virginia Deal!!!!

Post: Make $79,000 On This Southside Virginia Deal!!!!