All Forum Posts by: Kody Smith

 well i guess ill offer him 1.9M~ and if he does not take it, ill attend the auction. 

i may have misspoke. the seller wants 2.2M but that is not what i offered him or agreed to.

i think for this area 1.925M to 2.025 is the range.

i am using 85% instead of 70% rule in this calculation.

 Thank you for your prompt response!

1. i'm discussing this option with him via txt to see what he is willing to do.
2. we can likely get the property for as low 2M to make it more reasonable. I'll talk to him more tomorrow.

Hi everyone,

Situation:

A foreclosure seller called me back today to finally make a deal.  He informed me that the auction would happen in 10 days, so he needs to sell right away.

ARV: 2.5M - 2.6M
Repair estimate: 180k

school zone: 9/10 rating a very popular school zone for the area.

he owes 700k in areers! but there is equity in the property.

he wants to get 2.2M for it in an ideal world.

My situation:

i'm invested in other properties for fix and flip, so I can not flip this one myself... though I wish i could. (any lenders welcome to help me figure this one out!)

question:

1. How can i delay or stop this auction, so that I can get the property marketed for a higher price?
2. are any of you open to closing a deal like this (happy to share all details and make a connection)
3. Can his attorney delay the auction?  I heard bankruptcy laws recently changed... i'm not sure. 

 looks like it is pending. congratulations!

Hello everyone,I'm Kody, a passionate real estate investor with a focus on rental properties and fix and flip projects.

One of my core focuses is on creative finance. I'm very interested in exploring innovative financing strategies to acquire and manage properties. This approach allows me to structure deals that benefit all parties involved and unlock unique opportunities in the market.I'm eager to connect with fellow investors, share insights, and explore new opportunities together. Looking forward to engaging with this vibrant community and learning from all of you!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $1,280,000
Cash invested: $400,000

we were presented with the deal by a flipper needing to exit the deal. it was only rentable for $4500/mo as is, so we created a second unit. now it brings in $7200/mo

What made you interested in investing in this type of deal?

cash flow

How did you find this deal and how did you negotiate it?

it was presented to me by a realtor i knew

How did you finance this deal?

conventional loan

How did you add value to the deal?

split the home into two units, upgrade appliances, add hvac, split the yard for each unit.

What was the outcome?

the tenants sometimes do not get along, but mostly it is going ok.

Lessons learned? Challenges?

sound proofing is very important.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Van smith (keller williams), and Kim Dao (pacific wide realty)