slipring

Talked to a home owner in Asheville, NC. Property on 1.5 acre lot. He is in arears owing total balance around 249K. Comps are 319k -350K. I have pics of property. Don't know the market up there. Anyone interested?

I am in Fayetteville. How about you?

Michael, Thanks for the advice. I replied to his email with 20k cash and take over payments of 847.00 a month. If this thing is legit I am definitely using the title company for this.

Update.....Finally found a buyer! After numerous phone calls and emails I found a rehabber with cash who does 30 houses a year according to him. I hand carried the signed contracts to the title company and closing is on July 31st. I only got 3000.00 for the assignment but I'll take it just to get my first deal done. Everyone at the title company new who my buyer was so that was a good sign. "He always closes with cash" seems to be his reputation. He's even willing to guide me through my deals so that is a plus. The final numbers are: Purchase contract for 32000.00, assignment fee 3000.00, ARV 78000.00. So my buyer after closing is in it for 37500.00. Concurrent to all this I have managed to negotiate a wrap around mortgage on a property(I am getting the deed). Original mortgage of 91000.00. New mortgage between me and seller of 95000.00 at 847.00 a month. (his mortgage payment). I don't start paying until Oct 1. Have ad on craigslist for 115000.00 with 7000.00 down at 950 a month or 5000.00 down at 1050 a month. Hopefully I can secure a buyer in the next two months. Place needs a lttle work. As I was posting this update I received the followinf email offer on the property: Sound like a scam, anyone seen this before? Thanks

I've spoken to around 5 investors and gave them the details but no phone calls back. I'm not sure I've spoken to any actual "Rehabbers", probably just wholsalers or con artist. I have to find the real players around here. I think my numbers are solid. I am leaving 30%-35% percent on the table after repairs and closing cost so we'll see. I'll give an update as to how this deal turns out.

I am currently attempting to complete my first wholesale deal in North Carolina. Got the property under contract for $37,500.00 on July 10th with ARV of $78,000.00. I am trying to assign it for $42,000.00 with about $8,000.00 in repairs needed. It was my thoughts that after repairs you would be at 66% of ARV. I'm wondering if this is enough of a profit margin for rehabbers in this market because I notified about 10 investors and no bites. My local market did not enjoy the highs of the previous soaring market but we weren't really effected by the decline either.

Hey All.....received the manual last week but have been reading all the old post for a while. I think right now I want to start off doing CA's. I sent a few emails today and I received 1 feed back. My email to seller went along the lines of: "Hello, I am inquiring if your property is still for sale. If it is, would you be willing to lease it for 12 months with a purchase option? Thanks," Reply from seller: "Hi , It is still for sale. And yes we are willing to lease it for one year. We can discuss a purchase option as well. Just let me know when you would like to see it and we will arrange a day and time." Property details: Vacant 4/2 2200sqft asking price 225000 In seller's ad she states that they are downsizing due to retirement. County records seem to indicate property is owned free and clear. How should I reveal that the house is not for me but I can probably produce a qualified tenant/buyer from my vast database of applicants. thanks, Soon to be known as Vince-n-MC