All Forum Posts by: Jose R.

Also, I got word the seller accepted a cash offer 2 days ago

Thank you for your reply guys. I wanted to more information regarding this property.

From what I can tell the split was done legally.

According to listing Agent, seller is willing to carry a note.

As far as the rents are concerned, the 2 3 bedrooms rent for $1,500 to $1,600 and the studio would rent for $500. For a total of $3,500 a month in rents.

Hi guys, I would appreciate the communities input regarding a property I'm looking at. I would like to buy and hold it, but if the numbers work, I'm open to selling it quickly. The question is: Other than a "conventional" transaction, what is the best way to structure this deal?

Heres the property in question:

-Asking Price $350K (Reduced from $600K)
-ARV $525K-$550K
-Out of state owner (who is said to be motivated to sell) let the property fall apart
-6 bedroom, 3 bath.
-The owner sectioned off the house into 3 separate units: (2) 3 bedrooms, 1 one bath and (1) studio.
-Property is vacant
-Property needs between $50K to $75K in repairs.
-Property is free and clear but listed with an agent (damn!)
-Once the property is repaired expenses are estimated to be about $700 a month (not including debt service)

If you need more information, please let me know. I appreciate your input.

Thank you

This thread hits home for me. This happens ALL THE TIME in my market. As a matter of fact, it happened to me 2 days ago.

I often tell myself: "Whoever that buyer is they paid too much, or maybe they know something I don't know."

The best you can do is figure out what your plan is for the property, run your numbers, from there you'll find out the max you should pay, write your offer and take it from there.

Ben, Its good to see that your taking action! Don't feel bad, it took me 2 years to do my first deal. But when it came, I was ready.

During those 2 years I've passed on MANY properties! For me, my number one concern was not losing my investors money. On my first deal my investor made a 50% return on his money within 3 months plus have of the profits!

My saying is a motivated buyer eventually becomes a motivated seller!

Don't worry about it, just take action, evaluate your results, then make adjustments.

Hope that helps!

The "cheapest" way is not always "the cheapest way"

You figure that out and you'll get what I'm saying!

ABSOLUTELY!!! I can't stress this enough. To me everyone's a dirt bag, until they prove otherwise! :cool:

Lucky for me I heard tons of contractor horror stories prior to my first deal. So when the time came for me to hire a contractor I decided not to hire one.

I hire a handyman refereed to me by a fellow investor. I still was very much "hands on" but overall it turned out to be a good choice.

Be careful about feeling like you HAVE to do a deal. Take your time, don't rush in. You don't want to lose money, especially on your first deal.

Since markets vary from location to location, your best bet is ask a few reputable mortgage brokers in your area and see what kind of financing is going on right now.

In my market, yes this strategy is being done. But this my or my not be the case in your market!

Just ask. Hope that helps!