Scott,
Thanks for responding. I am a real estate agent. I work with one of the top agents in the state of Texas. He has a couple hundred listings. I am a buyer’s agent and get the lead calls, so this gives me a huge buyer pool from which to work. I should have been investing years ago, but was concentrating on working with buyers.
Upon the suggesting of my wife, plus many friends, we decided to give this a shot. I have purchased 6 homes this year and have sold 5. We have just completed negotiations on a 7th deal and I do have a hard money lender, in fact I have two of them, but neither wants to go to Greenville, a suburb of Dallas about 30 miles from Dallas, so I’m looking for a lender that will allow me to to through with the purchase of the home.
I have a median score of 639. My wife’s median score is 702 and that is after filing chapter 7 BK in 2003 due to some medical reasons and the status of cash out refinances here in Texas. When I filed, I had never missed a payment and my credit score was 732.
OK, the home…We look for fairly newer homes because they usually don’t need nearly as much work. The home was built in 2003 and needs approximately $3050 in work, per our inspection, with the bulk of that cost being carpet. A few toilet seats, a couple of kitchen cabinet doors, a drawer, a few batteries for the smoke detectors and you’ve got the bulk of the repairs. The outside is clean. The roof and foundation is outstanding.
We’ve agreed to purchase for $47,000 and I have a buyer in hand, due to working in real estate, that is wanting to purchase, but she can’t do the rehab. The sales price is $74,900. She will probably be going FHA, which means I must season, or hold for the laymen out there, the property for 91 days.
I could go on and on, but I’m sure that you know by now that we know what we’re doing and we’re just looking for someone that can help us with the purchase by 12-28-2007, a must close date…
Thanks,
Ken Tate (a.k.a. Mr. Real Estate)