All Forum Posts by: Samuel Carmichael

I have a house under contract as a first time home buyer. 

No money down with Rhode Islands Renewal Program. 
They give you a 20,000 grant to buy a foreclosure. 

Right now I am 1360 dollars into the deal. 

Keywords: Rhode Island, Pawtucket, FHA, Creative Financing, Foreclosure, REO.

Forclosure sale price   170,000

My offer      152,000

Closing costs included. 

+20,000 down payment 

------------------------------

132,000

Here is the problem the appraisal came back today, and although the property needs minor work...it was only 158,000. This property sold for a high in 07 of 215,000, and in 2003 for 195,000. 

I was hoping to buy with 50,000 In equity minimum, and right now even with my 132,000 I am up against a whopping 26,000 in equity only. which doesn't fit into my investment plan at all. 

What should I do? 

I am down to the wire, and only bigger pockets can help. 

@Kyle Johansen have you ever done work with Tom? .

Hi BP and Local RI Team, 

I was hoping for a give and take.

What I have: Client Journey, Sales Funnel, Email Campaign building experience.  

What I need: Local Cash Investors, Access to your investor network, paper work best practices, Real Estate Attorney Recommendations, JV partners for wholesaling deals, no nonsense deal makers - with a proven track record, who would benefit from my hustle.

What I would consider:  Partnering to get my first few deals sold, networking to pick each others brains on our strong points, sharing examples of how to increase both of our incomes in this market.  

What you may want to consider: 

checking out: For Sellers & its sister page for CASH buyers & For Local Investors

Text me 603-892-3160. My goal is to do one killer deal every other month. A deal that every single one of your cash buyers would offer on. I take no pride in dealing with Juniors who push crappy deals out to their network. I am not looking for large assignment fees - hence my option to JV on a select few of my first deals.

I know a lot about client journey creating and user experience on websites, as well as things like click through ratios and sales funnels. I studied it for the last few years, and although what I can do.... YOU CAN DO. I can help skip you right to the front w/ best practices and some EXTREME money saving tips. 

Let me know if you are cash buyers, local wholesaler, investor, marketing specialist or have some valuable information to trade.  Check it out here --

Thanks guys good insight. 

I am right on the Fringe, to the right of the house is the main drag and its not too nice, but I still feel comfortable near it. On the left of the house is nearly all single families, and a bit above Rumford near Darlington. It is also a 6 minute drive to South Attleboro train station. 

also lookin for a good way to pull comps and estimate ARV

it's owned by Rhode Island housing with working appliances. So far only needs carpets but we will see what inspector says. New water, and heating systems.

Comps in area are around 160-190 for single families. Needs small repairs like paint and maybe a new screen for porch. But roof is fine, and it was really well taken care of in my humble opinion. 

But I want to see some reasons not to do the deal - to make sure I am not over excited - but the 20,000 Rhode Island renewal program is basically straight equity and I am flexible enough to stick it out 5 years and stack cash for my next deal while renters pay 90% of mortgage.

Hi Rhode Island, and Providence BP'rs.

I found a fairly interesting way to structure my first deal and I am wondering what you think of it.

I have under contract 60

Linden street Pawtucket RI MLS1123800.

It was a forclosure listed at 169,000.

I got it under contract contingent on Rhode Island renewal program and 3.5% http://m.estately.com/listings/info/60-linden-st--...

Sam

and the word squirt iPhone  autocorrect. It is supposed to be equity.

Hi Rhode Island, and Providence BP'rs. 

I found a fairly interesting way to structure my first deal and I am wondering what you think of it.

I have under contract 60

Linden street Pawtucket RI  MLS1123800.

It was a forclosure listed at 169,000. 

I got it under contract contingent on Rhode Island renewal program and 3.5% FHA.

Price 169,000

Offer. 157,250 

(3,000 back for closing)

downpayment (20,000) Rhode Island renewal plan.

Total mortgage. 137,250 

So long story short, I pay 2,000 in closing costs - and get the state of RI to give me 20,000 on a downpayment. It was listed at 169,000 and we got it under contract for 157250 with 3,000 back for closing.

It's a 3 BR, 2 BR single family w/ a partially finished basement.

One of my exit strategies since I must live in home for 5 years in order to not have to repay the 20,000 grant - is to rent out then3 brs up stairs with private bathroom, and full house access for 1,000.

I test posted an ad on Craigslist as was getting 1 person a day interested in it.

I would live in furnished basement and after 5 years and 20,000-30,000 of mortgage paid down by the renters - hopefully sell for the market value or hold for my rental portfolio I am starting.

It was hard to use the calculators for this because I was renting and living but I calculated 1400 expenses including 5capex   5% vacancy full landlord utilities and all that jazz.

Seems like it would still cash flow $100 if you could rent it out for 1600-and break even for 1500.

But I was more or less thinking of getting some instant squirt to pull out later in 5 years after sale or just in general to use for more deals.

Also wholesalers in Rhode Island I am looking for you. Looking for low value cash deals or....would consider partnering with a wholesale

Pro(20+deals) to split profits if you teach me the paperwork and systems better.   My skills are on the phone sales (extremely high Level) in person sales ( high level) and taking action. Not a tire kicker. I love to close deals

Long story short I get into the property w/ only inspection money and 2,000 dollars. Plan to sell after 5 years and hoping for 20,00-50,000 pure profit.

http://m.estately.com/listings/info/60-linden-st--...

Sam

Hi Guys, I am looking at a foreclosure from 1910 in New England. It looks like it's in pretty good shape, but do any of you know any good resources for a foreclosure checklist of things I should look for? example: electrical - is it circut breaker or fuse box. Mold: AC Unit: Etc? Thanks! Sam