All Forum Posts by: Tim Nash

Here is some additional information about the deal. 

I have done some work on finding ARV, price per sq ft in the area, sale price for comps, similar sq ft, style, build dates(1920's) in the area. The average sale price is $63,000 with minimal renovation done to the homes. On the few that were updated, that number crept closer to $70,000.

I will be hiring out the work. I am in the process of getting quotes from at least 3 local contractors. 

Yes, studied the market. Comps in the area are on the market an average of 3 months. Middle of the road as far as material cost on the rehab, considering the buyers it that area. 

Will work with title co. To do title work making sure it’s clear. that should clear up any suprises. 

Take title with seller on 1st position was my plan, unless I’m wrong. 

Thanks for the input Scott! 

22k purchase price. 

As far as rehab budget, he said to get a few quotes on the rehab, based on how I want it done. 

Early stages haven’t discussed timeframe

I’m shooting P&I 15 yr. he knows note will be paid in full once rehab is done and property sells. So as an incentive for him, what should I offer since he won’t receive interest for the 15 years?

Sorry for the lack of info. 

Thanks!! 

Cindy, Chris I have a Facebook group search @ktc Investments it’s local to the St. Francois County area.

I recently got a call from a seller who saw one of my bandit signs. After listening to him I understood that this was originally a project his grandson was going to do. The seller funded this project for the grandson. Now the grandson doesn’t have time because he is going to school out of town. The seller says $22,000 is owed on the property and he would be open to owner financing at 5% no money down. After talking a little more he also said he would fund the rehab on the project. I haven’t got into specifics on payments etc. but this sounds like a win-win deal. I did tell him that I would Hey him some sort of early payoff penalty wants the rehab was finished so he would get a return on his investment he was still on board with this. Tell me, what are some things I should look for or ask about on this deal? Pretty new to the game and don’t want to go into something without knowing all the pros or cons. Thanks for the input I appreciate the help.

I recently got a call from a seller who saw one of my bandit signs. After listening to him I understood that this was originally a project his grandson was going to do. The seller funded this project for the grandson. Now the grandson doesn’t have time because he is going to school out of town. The seller says $22,000 is owed on the property and he would be open to owner financing at 5% no money down. After talking a little more he also said he would fund the rehab on the project. My due diligence tells me ARV on this house will be $65-$70,000. I haven’t got into specifics on payments etc. but this sounds like a win-win deal. I did tell him that I would Pay him some sort of early payoff penalty once the rehab was finished so he would get a return on his investment he was still on board with this. Tell me, what are some things I should look for or ask about on this deal? Pretty new to the game and don’t want to go into something without knowing all the pros or cons. Thanks for the input I appreciate the help.