All Forum Posts by: Leonard Pearson

Thank you for the responses.  I have discussed the possibility of seller financing and she is willing to do it but she needs the cash in October.  I have considered assigning a contract to someone else, and I may still, but, I would like to do this deal myself.

As for a JV, I need to figure out and get back to you on a structure. I will be working on that soon.

I thank you again for your replies and all future replies.

Hello All,

I've got a dilemma.  I live in a pretty nice neighborhood in St. Augustine, FL. that is going up in value past the post bust values. I started doing a good deed for a neighbor that lives out of town, cleaning up her property after some bad tenants left.  The house was wrecked and left an absolute mess.  My neighbor lives out of state and doesn't have the money to make the necessary repairs.  Because the house is in such bad shape, she cannot rent it out and she just wants out of it.  She has no intention of living there and she needs money for another loan.  She needs to sell the house!

I want to buy the house from her but I just started a new business at the beginning of the year an I wouldn't be able to qualify for a mortgage.  I have some cash but not enough to buy the house or even enough for a 20% down payment.  If I could buy it outright and pay for all of the repairs, I could sell it in about six months and double my money, realistically priced houses in my neighborhood are selling as soon as they come to market.

The ARV of the property is approximately $325,000. I'm confident I can buy the house from her for $130,000 and it will need approximately $50 - $60,000 in repairs (I would be doing some myself and hiring a roofing contractor, plumber and electrician for the serious stuff). The house is a three bed two bath ranch with a detached garage and a pool. It needs a new roof, new sub floor and flooring, rewiring, windows, kitchen cabinets and some plumbing work done. I've got some estimates on the work I would have to hire out, and I've priced materials. I can put together a business plan for anyone that is willing to invest.

I'm looking for a short term loan of about$175,000 that could be paid off in full in 6-9 months tops.  I have several exit strategies for when the work is done and I am in the process of putting together a formal business plan and proposal.  If anyone is interested in a high interest investment, let me know and I'll give you all of the details.  You can reach me here on BP.  Hope to hear from you soon  Thanks

HI Scott,

I'm down the road in St. Augustine.

Gotcha. Thanks for the info. I guess it's best for me to just sit on the leads until they come to market then.

Thanks for this Joshua. It definitely clears some hurdles out of the way.

Leny

I know that Fannie Mae homes are sold through Homepath, but can a Homepath Realto request a price on a property that is not listed (Just an unlisted Fannie Mae REO)?
I'm wondering because I have bird dogs bringing me leads that are not listed on the MLS (which I like) but I have no idea how to get hold of the some of the banks to make offers on them. Can anyone assist? Thank you in advance.

Leny

Thank you Philip. I will check that out.

Hi Shannon,

I am in St. Augustine and just getting back into real estate investing. I recently WASTED a bunch of money on a workshop and want to form (or join) a mastermind group in the area. I am currently looking for properties to assign, wholesale and , if I can find the right ones buy and hold. I'm thinking of starting a local REI meetup as well. Let me know if you would be interested.

Hello all...again. I am Leny Pearson I joined BP a few years ago and DID NOT USE IT! Talk about not seeing the forest for the trees. I started to get into REI and suffered from analysis paralysis. I ended up missing out on a lot of deals. I have done a couple of rehabs but, but that was before I learned anything. As I said, I didn't take advantage of BP and the community here before and it took paying $2000 for a three day workshop where I learned that if I really want to succeed as an investor, I needed to give them another $40,000 and buy properties from them in Vegas!
In any case, I am back now, signed up as a Pro and ready to share my experiences and learn from the community. I am looking forward to this.