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All Forum Posts by: David Wooten

David Wooten has started 6 posts and replied 24 times.

Post: New Member from Lincoln Nebraska

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

Nothing

Post: Looking for $75,000 First Position Loan

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

We acquired a 5/2 single family house for $50,000. ARV is $128,000 and repairs needed amount to $25,000.

We are looking for a first position loan for $75,000 for NLT 6 months at 1% per month.

Please feel free to contact me for any additional info.

Post: FLEAS!!! Yes, a lot of them...

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

Thanks @Michael Gansberg, @Keith Goodwine, @Gail K., and @Account Closed

I had the expert back again Tuesday night and he claims he super-soaked it with his best stuff and fogged the snot out of it to where there was 10-foot visibility within the house.  I had already taken out all carpet and as much of the pad as I could get off the floor.

Question, when using a shop vac, what did you do with the shop vac AFTER you vacuumed at the house?  How do you clean/clear that?

We'll get working on the yard today.  We've already mowed, but haven't trimmed as much as we probably should.  I'm going to be putting some DE in the yard too and after I'm done bleaching the subfloor (which is soaked with dog/cat urine), then I'll put some on that too and let it sit while we replace the roof and work on the outside.

Thanks again for all the good advice!!

I appreciate it greatly!!

Oh, and we went back today... no fleas!!  Worked in and around the house for about 5 hours with not a single jumper.  We're going to keep vigilant though.  :D

-David

Post: FLEAS!!! Yes, a lot of them...

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

Just that we've interupted the life cycle, but that doesn't help me get rehab done any faster.  Not to mention that my holding costs just keep going up while I'm not doing any work on it.  :/

Post: FLEAS!!! Yes, a lot of them...

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

Long story short; a house I bought has fleas.  Lots of them.  Like you walk into the living room and at least 20 are on your pant legs.  I've fogged the house twice.  I've called in a professional, twice.  Anyone have any other recommendations for the house, yard, and crawl space?  I need to kill these things DEAD before I can proceed with any rehab.

Thanks in Advance!!  :D

Post: Gifting Equity Question

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

@Julie Saal

Basically,  yes.  I would buy the house for 230k.  He would gift me the 25% equity he has, covering his 174k (or close enough).  Then he would lease the property from me for 2 years (sufficient time for him to finally get financing considering his self-employment status), and then buy the house back from me for 200k (this way he gets 30k equity off the bat, assuming the house is still valued at 230k).

Post: First Deal - Advice Requested!

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6
Originally posted by @Bryan C.:

@David Wooten that is pretty exciting.  Looking forward to hearing how things turn out.  Be careful on the Fire House....make sure it is done right and u will make a ton of money.

 Thanks Bryan!!  We're going slow and steady with it, dotting our i's and crossing our t's.

Post: Gifting Equity Question

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

I've been contacted by someone who lives in a house he's buying from friends.  The friends hold the note but are now getting divorced so they want him to pay off the note.  The house is valued around 230k.  He owes 174k.  He can't get a bank to finance him due to being self-employed.

I don't know him.  He's not a relative.  Can he gift me 25% of the equity in a purchase contract?

Thank-you for posting this.  I'd be interested to know how things are going!!

I'm looking at getting into a deal where I will be gifted 25% of the appraised value as well.

Post: First Deal - Advice Requested!

David WootenPosted
  • Lincoln, NE
  • Posts 24
  • Votes 6

I pinged the owner of this house again today and hope to hear back soon.

Over the last two months, I had some pretty intensive training, inspections, and other military requirements to meet and had to put things on hold.

Just this past week though, I've put one house under a lease option and another under contract for purchase.

The lease option one:  Lady missed 3 months of payments because her lawyer advised her to so that the mortgage company would "work with her" on her payments.  She owes 55k.  Her mortgage payments (not including taxes and insurance) are $395/month.  I've signed a lease with her for 36 months with two options to extend it another 12 months, twice.  So potentially 60 months total.

My payments to her mortgage company are $395/month.  On the 1st of April and 1st of August, I will have additional payments of $495 to her to cover taxes.  She will cover insurance throughout.

I've paid $100 for the option to buy the house at $55k anytime over the next 3-5 years.

I brought in a partner/mentor who brought a buyer who we are going to sell it to for $65k, plus any rehab he wants us to do.  Currently, we're only laying carpet, putting in some tile, and replacing the windows.  Oh yes, and tearing down the garage.  Those costs will be added to the $65k purchase price.

We are leasing to him for $800/month and charging him 10% of the final purchase price (looking to be 73k) for the option to buy.  His lease is only 18 months long.

Although we would make more money if the option is not exercised, my wife and I are hoping he can get his financing in order sooner so we can get out of the property and realize our profit.

The rehab one:  A gentleman contacted us through one of my wife's marketing strategies.  He had a rental where the tenants had been cited multiple times by the city for various violations.  He was in the process of evicting them when they set fire to the place.  Fortunately, the Fire Department got there soon enough to save the house.  We'll have to gut it and re-wire it, but the structure seems good.  I'm going to have it inspected just to make sure, but I've already had a couple of contractors in there who were positive, but wary.

I told the owner that since I couldn't put a multi-family on the property, that I was only willing to pay $5,000 cash and could close in a week.  I would also cover the closing costs.  He wanted 10k, but agreed to 5k.

The garage in the back has a mechanic's pit and use to be a big workshop.  We're thinking about walling off the one stall with the pit (on the end of the garage).  The rest of the garage and the shop area will be converted to a kitchen, dining, living great room.  There is already a good sized room with a sink (WATER!!).  We'll need to run sewer though.  The garage is metered (electrically) separate from the house.  There is another room on the garage that was a show room.  That'll be the master bedroom.  I'm pretty excited about this idea.

The house is boarded up mostly and we're going to take our time fixing it up, learning as we go.  I've learned quite a bit over the last week and a half and quite a bit of it has been experience.

I worked a third deal before both of these, but that one was more of a referral to my partner/mentor who can handle the financials of this deal.  I'll just get a finder's fee for that, but hey, it's better than nothing and I'm still growing!!

I've a fourth deal I'm trying to work this weekend, but I'll post that in a separate thread.