All Forum Posts by: Junior Salters

158 Overbrook Circle Spartanburg, SC
http://www.postlets.com/repb/9357547

3 bed and 1 bath 1372 sq ft, 14,000 sq ft lot size
Hardwood floors throughout with ceiling fans, fire place, back deck and storage space, 1 car garage and dishwasher.

Will need sink, stove, and HVAC unit
estimated 12K repairs including above (being conservative)

50K ARV

Comps:
516 Crestwood Place- sold 06/17/13- $72k (.38 miles away)
284 Fairforest road- sold 4/18/13- $64K

Also has been 3 recently purchased investment properties in the area all 20-25K) 3 bed 1 bath. all less than .5 mile away!

Call/Text Junior (864) 706-9544 or PM to get lockbox code!

Brandon Turner Thanks for the in-depth answer. Looks like there really wouldn't be a lot of cash flow to be had and the investor so I would prefer to this conventional, but the offer was for a cash buyer only. Maybe they would consider owner financing...worth a shot down the road!

Ann Bellamy Thanks alot! I will definitely get in touch with Bill when I need to pull the trigger or really going to make a firm step forward. Probably a money partner would be best case scenario for a deal with low margins like this. Thanks alot for your input! I' do have some money saved, but probably not for the total purchase of a home.

Thanks for all your replies! Raymond B. I have read those stickies and I know that. I know this process isn't first choice but I know it's possible. I'm more looking for someone to show me how the #s work with this process. I grasp the convention way of financing. As I said this is hypothetical and I'm seeing how it could work.

Thanks guys! Jack Bobeck Jeff S
Also, I just looking at different avenues of financing outside the normal. I know that hard money lenders usually deal more with flips and larger acquisitions.

The other question I had that I proposed to Brandon Turner as well was if (just for numbers sake; saying all numbers worked and actually being able to get a loan), just kind of curious how it works if i had a rental i wanted to purchase for 25,500 cash and ARV was 50Kand the HML would give me 70% of ARV and it only needed 3-5K in repairs (turnkey with tenant-rent at 625), how much money would I need to bring to the table? I know I need cash for reserves for bigger, unexpected events which is why I'm saving money and doing wholesaling now as well. I have some money put away but wouldn't want to use it all on the purchase of the property.

Also add this lender charges 10% interest and time frame is 6 yrs. I know this is a lot of info, but using an example is the only way I think I could grasp the concept.

This situation currently is hypothetical, property is not. Also to add, Previous owner's total expenses for a year were also $2,737.50 which includes property management fee.

anyone feel free to input!

Wayne Brooks Thanks!

Steve Babiak You would be correct because I wasn't sure if I was missing something or some sort of actual "title" and not the concept. Am I not supposed to bring questions to a group to people who have a better understanding then myself? ha

Wayne Brooks Steve Babiak I guess what I am asking is when I'm wanting to know what the property is titled as, what EXACTLY am I looking for?

Am I looking for a written out numerical title or is it in words? Sorry I sound so remedial asking this. I found the deed document but I don't know what # or phrase I'm looking for.

Do I have to open escrow or get this information from the owner? Just trying to find out what property is titled as.

Prashant P. I don't have the exact property yet as I was more or less questioning through procedure and methodology behind it. All the things you bring up help what I was getting to which is knowing I would need some skin in the game and having to re-fi with a conventional loan.

Dawn A. That's exactly what I was thinking and I knew that in order to pay them back because it would be a short term loan would be to refinance and get a conventional loan. But of course that means I would need a pre-approval letter before getting the hard money loan. Is that correct? I guess I should've term this post "what are some exit strategies if one uses a hard money lender etc..?"