All Forum Posts by: Paul Leslie

Fellow BP members I am a newbie that is requesting the groups thoughts. I need help formulating a deal for a lead I have. I have a free and clear house that is asking $249,000. They are open to seller financing. My comps say the property is only worth $220,000. The house needs no repairs and is completely updated. Rent in the area averages ~1600.00/month. Taxes and insurance I estimate will be ~$270.00/month. I was thinking trying to work to an offer of $220,000 - 0% interest - $1100.00/month with a 10 year balloon. I may not get that but I was thinking that should be my last offer. This would be my first deal I am open to wholesaling it (which I probably wont be able to do with those terms) or holding it myself. Any advice would be greatly appreciated.

Julian good for you! I am just starting out in Macomb County. I have not closed a deal yet but have a few I am working on. The way I see it (and I am not a professional REI.....Yet) if a property cash flows who cares what city it is in. With the prices you are paying for the property and the monthly rents you are taking in these seem like great deals to me.

I forgot to add that info sorry. The property is a pretty house. Needs no work and is updated. I think the current value of the home is close to the ARV which is also the asking price. The comps in the area seem to point to the seller pricing this property pretty accurately.

As I am new to investing I am looking for a little help on formulating an offer. I have an appointment Thursday with a homeowner with a property with and ARV ~ 315,000. He owes 244,000 on a VA loan that is assumable. My goal is to assign the deal if I can get it but I am not confident in what I should offer. I don't really want to assume the mortgage since I am trying to assign the contract. I know through my conversation with the seller that my offer can be no where near the 244,000 he has left on his mortgage. I realize that the best choice may be to walk away if I can't make a good deal but having never completed a deal yet I am looking for advice on what should be my top offer and what method to use. The methods I am considering is a wrap around on the 244,000 and an offer of 285,000 with the seller carrying back the other 41,000. The second method I was considering was an lease option deal. I know there arent very many details in my offers I am considering but I don't want to write a book. Please let me know if I am way off base or if you have some suggestions for better strategies. Thanks in advance.

Is it possible to get quit claim deed from house sold at Sheriff Auction and then sell it using a traditional lender without paying off the redemption note first. Here is the process as I invision it. 

1. Get quit Claim Deed

2. Sell property to buyer using traditional lender

3. Use proceeds from sell to payoff the redemption note

Is this possible? If not is there a work around to sell house without using my own funds to payoff the redemption note?