Investor Price: 38,000
work needed 7k
Comps: $83-91k Range
2 bd. 1 ba. 1 each side car garage
duplex with water garden
cash flow, huge equity,
and tax benefits.
River Rouge, MI 48601
Are you asking if anyone wants to take this deal??
yes
I would
You are virtually getting this at 35-40% below market. Just out of curiosity, why are you wholesaling this instead of taking the deal yourself?
What is the condition of the property and what is the story behind the sale? (Why is the owner selling it at such a discount?) How soon does this deal have to close before it’s too late (is it about to go into foreclosure or something?)
Sounds like you found something worth looking at.
Deals sold now, I did not take it myself because I got the lead from someone else, and I am a rookie, have not closed any deals yet, plus I dont have enough cash for the rest of the money, if the lender loans me 85% ltv, I cant come up with the other 15%. Let alone the renovation costs. The home was a pre-foreclosure, I appreciate you guys inquiring about it. Sorry guys. :neutral:
I’m not surprised the deal sold this quickly - it sounded like a money making transaction. Hope you find lots more like this and make tons of money.
If I can,are there any investors here, that are willing to purchase homes like these, in and around Michigan. I am in Toronto, but I have someone who is looking for deals for me (bird dog), whenever a deal is found, I go down and take a look personally, and review the numbers myself.
Like I said, when I do get more deals like this, (for now) I cant afford to close on them, since I dont have the remaining % (remainder from ltv) in cash. So I’ll work out assignments to build up some equity. Thanks.
I’m located just north of Detroit…
Would like to discuss and perhaps move forwrd…
email me if you haven’t moved forward yet: jjjapd2@yahoo.com
YoungInvestor,
If you are really interested in rehabbing homes and selling them retail, you can try hard money lenders. There are a list of them on this site. They don’t care so much about you and your credit, they just want to know that they house will sell and make a profit that they will share in.
Personally I wouldn’t want to have the headache of rehabbing but that is where the big money is.
I hope you get the next one under contract!
I have asked around about hard money lenders, (one reason why I want to do business in the states is beacuase they are more readily available than Canada, where there’s only private lenderes) however even with hard money lenders, I have been told that they will lend up to 85% maybe 90% of the arv, so I have to come up with the remaining, plus I also have to come up with the rehab costs.
Oh the possibilities with this deal!!
I’ve seen that deal all over the Net. Some guy named “cashman” sent me junk mail on it. I didn’t even know that I subscribed to his site. Actually I’m pretty sure I didn’t but anyways he’s sending leads all over the place.
Nate-WI
LOL - yeah the cashman - I got those emails coming in too - although I think I did sign up for something but I don’t remember.
Weird, I thought I signed up for something too, but also cant remember… I think were under a trance… :rotate:
Is there a full moon tonight?
How are the wholesale deals coming? Write it up!!!
I have a friend of mine, bird dogging for me for more wholesale deals near Michigan area, since thats the furthest Im willing to travel from Toronto for now, until I have a few deals under my belt. I dont have anything just as of yet, but am pleased to see so many investors interested in the area, which re-assures me that when I find something, someone will be there.
Unlike Toronto today, (This is lengthy, read only if you have nothing else to do right now):
my so called first deal fell apart, I had a contract signed to purchase a home for 346k, appraised at 380k. It was a 5,3 3000sq ft. And I was going to put a 4th bathroom in it upstairs (there was more than enough room) and thus, create 2 ensuites instead of 1. The basement was insulated, and I was just going to sheetrock it, paint it, and install a 5th bathroom in the basement. It had a seperate entrance already. ARV was supported at 440k by comps. All renovations was 20k.
I signed the contract on Friday, conditional to financing. I had an investor bugging me constantley about the deal, so I told him about it and he was like “yea yea, Im up for it” Yesterday I finally started pestering him about the deposit cheque to secure the deal, and he says he wont give a deposit (which is fully refundable, cause we can get out of the deal) until he inspects the home once more. I asked if we could set up an appointment for today in the morning, and his answer was he’ll get back to me. Finally when I get my agent to call him up, he says he doesnt know me! and sends me an email to forget about the deal because his partner is tied up with a deal of his own. Why do people do this? If the ass didn’t know what he was doing, he shouldnt have wasted my time, now the owners pissed (like I care) but my agent, who Im pretty good friends with isn’t to happy. Even though she wont say, I made her look bad, dragging this thing on. So as you can see Toronto, Canada has these types of investors. Such deals are hard to find, and when you do find them, I get complete assjack to deal with. :doh:
I know your anger. I presented this deal to a guy for rehabbing that my realtor gave to me. He told me he wasn’t interested in the property and that he might have trouble getting the financing on it. I was going to assign it to him.
Yesterday, my realtor gets an email from this guy thanking him for finding the property for him and he closed it 2 days ago. He waited for my contract to expire, called his realtor friend and they did the deal themselves. He told my realtor he couldn’t find his contact information…oh sorry couldn’t find it until after he closed the deal.
We were both…well you know. We cut him off from future deals.
Ouch, well I didn’t get burned that bad…yet…maybe I should check back on that house tommorow, lol… starts worrying…
Anyway, don’t you use a Non Circumvention Agreement with investors, so they do not cut you out of the deal, on that particular property? All this document does is protect the assignor, so that the assignee (if thats a word) does not cut you out of the deal the next day. They have no reason not to sign this, it no way binds them to anything, such as purchasing the property. It just binds them to dealing with you for that property.
I should use that next time. My realtor was ready to punch a hole in the wall.