All Forum Posts by: Stephen Hare

Here's the pics I promised obviously front shot and shot of Family Room

Hello, I was just offered 3 properties to be sold together. 60,000 for all 3 with built in tenants. The're rented out for 900 together. The tenants have been there for years and never miss payments. Have tried conventional lenders to no avail. If anyone here is interested contact me and maybe we can work something out.

The property is in Dyersburg, I'll get some pictures of it tomorrow.

That is great advice.

When I first approached the owner about the property I let them know right up front that I'm an investor and i'm interested in making a profit off of it. Honesty is the best policy and I have no reservations about being upfront with people.

Another property an agent just called me about a few minutes ago. 4Bdr 2 1/2 Ba 2 car garage, REO, been on market 69 days, started @ 81,900 now down to 72,900 agent said he'd consider offering 60,000. Appraised in 2008 @ 110,500, comparably homes in that area and on that street have sold for over 120k most only 3 Bdr.

Just wish I had a pocket full of cash or an investment partner with the cash or something... seem's to be a lot of good deals around here and I just started looking.

Where would that 3k for deferred maintenance come from though. Out of the seller's pocket? They would indeed need to be motivated to do that. I would need to point out to them and make them see that they will be making more money off it in the long run I understand that.

If you would like I can e-mail you the property information after I get it under contract. Then you can pull your own CMA using your own tools and resources. I'm new to this and my numbers aren't as close as most would like, but I get the basic idea of comparables.

Hello,

I just came across a deal, not quite sure if it's a bank owned but I believe so because that's who's listed on tax record.

There is 2 houses each on about 1/2 acre 3 doors down from each other. One is a 3bdr One is a 2Bdr, they want $22,000 for both properties. Will need to get a closer FMV but it's around $51,000 and $54,000 fully fixed up and ready to rent/sell. They both need work, estimates not determined but I'd put it on the high end. They're in pretty rough shape, one looks like it needs a roof. Both need siding, havent' been inside but peeking through the windows revealed it was pretty decent inside.

I don't have a lot of monthly income to play around with between renting the house i'm living in and living expenses. Where would the rehab money come from so I can get top rent for it? I would also have holding costs until I got renters into it. And what would be some of the most common exit strategies from a balloon mortgage. I understand the principle behind the balloon. I can still go ahead with my purchase agreement tomorrow to get the property locked under contract and then figure out the financial details after. If I came at them in a couple weeks after I couldn't find an Investor and suggested them carrying a note we could amend the old agreement or just tear it up and make a new one?

Thanx ! My plan is to assign this to an investor if I can find one interested. If not i'll need alternate exit strategies. Been tossing around the idea of holding onto it and renting it out. I have no credit but my wife pre-qualified for 25k @ about $220/mo and we would be able to do all the work and get it rented for 400+. Could be a nice little piece of positive cash flow.

I'll keep y'all updated.

Steve

My offer of $16,500 was accepted ! Will be completing purchase agreement tomorrow.