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December 04, 2021, 08:15:39 pm
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Author Topic: need help with ....  (Read 10596 times)

Offline BigShem

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Re:need help with ....
« Reply #30 on: May 27, 2006, 04:16:56 am »
Okay Deb ,here we go.....

Alright 1st. - i want to control this property i don't want to own it just yet ..... i worked outa deal with the home owner.... so now i control it with the option to buy it in full in 24 months yes i said 24 months usually 12 but, anyway i have my reasons...by the way if you need numbers the house is fmv at 234,000.00 .... i got control of it at 149900.00 okay with a deposit of actually 500.00 on it....
now second --- i've been in this house and i looked it up and down real hard and pondered that ,(oh by the way ponder meens too look over real good and if i was to live here what would it take to make it livable mind you i'm very picky but simple...) thats ponder here in sticks of south jersey.... so figured it out already and i can do mostly all the work that has to be done..... which when i figured it out (ponder) lol... it came to a little under 800.00
not bad huh.... allright with me so far. now i know i can get 234,000 for this house but i want to move it quickly so i'm going to lower the price abit to make it atracttive enough for a buyer or investor.... who ever purchases it from me i in return will do a lease to own yes i know its 10 to 20 percent down to me cause now i'm going to be the bank... yes i have a lawer involved so just relax there is a default clause in there... now if i choose to keep it say 234000 my profit would be around 85,000 butkeep in mind this is what i'm doing. control 149000 so far out of pocket has been 1400.00 = 150400.00 now i find a client or tenantrember i want to make this attractive so i cut my profit in half wich comes to 42500.00 +149000=191500.00...... okay now say i find the buyer with say 20%down that comes to 38300.00 down i now have a deposit i go to my finacial ins..... and take a loan out the only charge me 3% down...wich comes in around 4500.00 so now i pay the owner of the property i now own the tenants move in and pay me1600 mthly i pay the loan which i believe comes in at 732 and some change plus e taxes and allth other stuff before you ask i'll only make 340 amonth of this yes everything is factored in ...So now my profit for this is 38300-4500-1800=ruffly 32000.00 for only spending 1800.00..... and i didn't count in the 15 year pay off  the profit for that would be if i keep it to term 61200.00 ....... i don't know if i missed anything Deb.. but if somehere has any more input or if i missed something let me know..... Thanks BigShem

 




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