OfflineOver the last few days I have really been hitting this hard. I have been able to put another property under contract and this is also a great deal.
I found this older investor who was selling 3/1 that had been rebuild about 4 or 5 years ago. He had actually started to do the rehab on his own, being a retired builder, and he was doing a nice job. Unfortunately he has discovered that he has to address some serious health issues and wants to sell. He saw one of my signs near his home and called me to see if I would be interested in buying his 3/1.
We met a few days ago and he showed me what he was doing and it looked good. It still needs about $8,500.00 worth of rehab if you hire it out or much less if you can do it yourself. I did some homework on the property before I got there and found that the ARV is in the neighborhood of $65,000.00 and if the double car garage size building that is on the property would be converted to and efficiency it would be worth much more.
After talking with him for quite a while I asked him what he was looking to get for it. He said "are you a serious buyer or a tire kicker?" No.. I said this is how I feed my family. He started by pulling out all his paperwork and showing me what he had invested in it. It was right at $24,500.00. He told me that if I would agree to pay all of the closing cost that he would sell it to me for $21,000.00. I told him that I can usually close with in 30 days or less, (he's cute he said "I like the less part")
I asked him if he was the only one needing to sign the contract and he said YES. So I said "well can you sign now?" He said "where the pen?" So I took out my 1 page contract and filled it out and he signed it and handed me the keys out of the lock box. No negotiation because I already knew what it was worth.
So I'm putting this out there to all you investors, the total cost is $21,000.00 + $1,500.00 (closing cost) + $5,000.00 my assignment fee. The numbers add up to $27,500.00 + $8,500.00 (estimated) equals - $36,000.00 that's 56% of $65,000.00 (ARV) or .56 on the dollar completed. The going rate for rent is $850.00 per month in this area and it is close to everything.
So if you would like to know more about this property please send me a note to my inbox and would be glad to send you my link for the picture album I have set up for this property.
Look forward to working with you.
Gene.
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
Good job gene! What a deal! Great way to take action congrats and hope u assign that property fast!
yesterday is history, tomorrow is a mystery, but today is a gift. That is why it is called the "present."
"Be not afraid of growing slowly; be afraid only of standing still"
Nice job getting it locked up right there on the spot....Are you sure you didn't sell used cars before this?..lol You should have no problem moving it...NOW GO GET SOME...
Not having a goal is worse than not setting one..
http://www.deangraziosi.com/real-estate-forums/investing-journals/92139/... -
http://www.deansmedia.com/play.php?vid=266
You don't say where the property is and your bio is not filled out. Looks like you made a really good deal, you can also post it on the classifieds here on DG. Good Luck!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
The property is located in Jacksonville, Fl 32210.
If you would like see the pictures please send a PM because I was advised not to put any links on the forum.
Just let me know I'd be glad to shoot them over in a PM.
Gene.
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
I like the way you were ready to lock it up on the spot. Good luck assigning it.
Rick Merritt
Trident Realty, LLC
Weak is he who permits his thoughts to control his actions; Strong is he who forces his actions to control his thoughts. --Og Mandino
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that is such a nice deal!!! as they say, a win/win!
I'm sure you will find a buyer very soon and make it a win/win/win!!!
wishing you great success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Congrats !!
Great job!
Gene, way to go. You were prepared and willing to take action. Great example you have set for everyone!
Luck favors the prepared
I hope to be a savvy. New kid on the block, but taking pointers on finding and working deals
Congratulations Gene,
You've proven the old Boy Scout adage, "Always be prepared. I wish you much luck on finding a buyer quickly.
Ty
Yesterday is history, Tomorrow is a mystery, and Today is a gift...
Ethel Griffin
...So don't throw away a gift, do it today as tomorrow is not promised.
Thats so wonderful : ): ) Have you found a buyer? Please let us know when you close the deal: )
When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.
www.virtue-investments.com
That's awesome.. Congrats!!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Way to go, great deal.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
If you do not have a buyer's list, go to Google and put in "We Buy Houses Jacksonville" and start sending this deal out to them! Also put it on Postlets. That will put it on multiple sites for you.
Get it sold! Don't depend on this being your only way to sell it.
Good luck! Great job! But only if you get t it sold for that "cute" guy!!!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Keep us informed.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
What a great example. I love that you knew what the property was worth before you got there. When you have things in order you can move very quickly. This very easily could have gone the other way had you said "let me go back and crunch the numbers and get back to you tomorrow." Then when you call back it's already under contract to someone else and you missed out on a nice payday. Again, congrats.
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich
I love story like your, congratulation Let's see the pic I will PM you now. Yayya can wait to see the deal closed!!!
Be happy and go healthy ^_^
Ling and/or Dustin
One of the things taht I have come to respect about Eugene in that he is determined to succeed. He works hard and knows what he is doing. He knows where to go to get answers. He is a great example of someone who pushes forward.
Good Luck and go Eugene.
Roy Voeks
Official RE Coach
thats awesome I am putting out 10 bandit signs tomm
Quitting is forever pain is temporary
Well my contract on this house expired this past week. I wasn’t able to attract any interest to flip this so I called the seller and told him that I was sorry but that I would not be able to move forward with this property.
I hated doing that but I had no other alternative. I instructed my attorney to forward him the $100.00 ernest money deposit to fulfill my commitment and let’s move forward.
I learned a lot from this deal, for as much as I tried to attract another buyer I found out some really interesting pointers from those that were willing to give me their feed back.
#1- The 3 building apartment complex that is located directly across the street was a determining factor that most investors did not buy. Even though it is currently a really nice complex it wasn’t that some short years ago. It actually had some serious problems. Even though currently it is under new ownership and it has really been upgraded it still carried that stigma from some years ago. They all felt that if it changed ownership that it could go back to what it was.
#2- The 3 corner properties, which are just 1 property away are commercial properties. 1 of them being a child care with its back property is adjoining to this property also made it undesirable due to the noise of the children playing in the yard. Even though these 3 properties are vacant and are bank foreclosures they felt that because they are already zoned for this type of commercial usage that it would be a matter of time before someone would purchase these properties and very likely be used for the same function.
#3- The fact that it is located on a cul-de-sac it meant that if the day care was reopened that the traffic in and out would be another negative for a rental.
Lot’s of great information to have in mind for anything that would come up in the future.
Even though this was some what of bad news I did get a call from my realtor letting me know that my offer on a short sale that we’ve been negotiating for a couple of months has been accepted and we should go to closing on that one soon. I’ll start a new thread on that one.
Thank you all,
Gene
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
At least you now when to got out and when to move forward. There are so much more in the Real Estate business, keep looking and it will come. you did the right thing ^_^
Be happy and go healthy ^_^
Ling and/or Dustin