All Forum Posts by: Chanda Titus

Thank you for helping me out with this. It's nice to receive feedback from those doing the business daily. 

Hello BP friends,

I'm trying to gather some opinions on my first whole sell deal, here goes:

Three townhomes in a neighborhood of only 17 townhomes that are barley 4 years old with no repairs and the tenants want to stay. They are currently being rented for $825 each. The tenants would be willing to lease option from the new owners.

Seller wants $112k each with $5k down as earnest monies. They have been listed for $150k and one just sold in June 2014 for $138k They are all 3bdrm/3 bath 1100 sqft.

I tried to talk him down to $100k but he bit my ear off. He said he doesn't have anymore room to budge then the $112k. They are nice and the area is nice also.

Does this sound like a good, bad or ugly deal?

Thanks

Hello Brie,

I'm a virtual whole seller. What are you looking for in particular when asking for whole seller. 

Thanks

Thanks  I really appreciate the advice. 

Thanks Curt for responding and I totally understand removing my emotions from the deal. Considerate done! The numbers on the bundle look like this:

1. Vacant- 3bd/1ba Balance $63k vacant now but rented for $600 mo (15k repairs)

2. 4bd/1ba Balance $38K currently rented $600 mo

3. 3bd/1 ba Balance $53k currently rented $575 mo

4. 3bd/1 ba Balance $43k currently rented $600 mon

Total outstanding balance to bring current with mortgages/taxes $193k and the market value from tax office/assessor $250k

Sellers want $7-10kk and will assign contract to new owner if financing cannot be obtained immediately. But, all taxes and back mortgage payments need to be brought current and that's roughly $11k.

Side note: The Seller also has a commercial bldg. she wants to add to the bundle deal as well. That's current and partially rented on one side to a Church. I haven't even looked into commercial whole selling to I'm kind of shying away from it as of now and focusing on these four properties.

Ok Biggerpockets Family, I really need some love on this scenario.

I have an owner that wants to bundle all four of her residential homes to sell in one package deal. Great you say....hold that response. She's currently behind in payments and taxes but the bank hasn't started any foreclosure proceedings (yet).

Facts: She recently refinanced them un 2008 and pulled out a lot of equity, not all of it but most of it to cover medical expenses. There still is about $60k for an investor. Three of the four properties are rented and those tenants want to stay. Actually two of them would like to do lease-options with the new owners. The fourth property is vacant (within one month) and needs about $15k work. The Sellers are elderly and would like to be done with the landlord side of things. Also, sellers are willing to do an Option of some sort until the Buyer can qualify and three of the four properties are in a Historical district and have been declared such.

My question: Does it sound like I'm stepping into some mess? Or does anyone out there think this is a pretty good deal to try and whole sell? I'd like to think so but I might be a little on the compassionate side of the fence for the Sellers. Please give any and all true opinions of your take on this deal.

Thanks Friends

Thanks Chris,

I'll move that deal over to the Marketplace and I'm more than happy to explain my over the top drive and commitment to getting a deal done in 10 days.

Hey Friends,

I put myself on 10 day whole sell diet and I landed my first contract just after day two.  I'm looking for a cash buyer to help me out so here goes all the delicious details:

3bdr/2 ba ranch style house in Mocksville, NC sits on over 3 acres. I have it under contract for $62,544 and it sold for $131k in 2006. I've calculated the repairs to be $15k if you don't get all fancy but just the basics, carpet/paint/clean up. I'm looking to assign this contract ASAP so please help me enjoy my first deal and stop panic attacks..  Thanks