Greetings and salutations! This is my first time posting on a discussion forum and I have to say, I don't think I have ever seen a better sight for think-tanking w/ other real estate entrepenuers! The information I have learned simply from reading what you fine folks have had to say rivals anything I ever paid money for. MichaelC, I would take my hat off to you if this wasn't the internet. Now on to bizness. I have a $186,000 5 bed/2.5 bath house in Lavergne, TN $142,000.00 purchase price w/ seller paying $3,000 closing costs 1 year lease @ $1,400.00 a month w/ option to purchase at $164,268.00, no extension, no rent credit. Mortgage payment based on a 90% NOO mortgage @ 7.5% plus $1700 tax and ins. = $1,219/month. $9,000 option money paid by tenant toward purchase price which is my assignment fee. Profit to you if he exercises option $2,172 positive cash flow + $22,280 profit at sale = $24,452!! Profit to you if he does not $2,172 + $44,000 equity = $46,172!!!! Issues w/ the property are twofold. 1. Bank has begun foreclosure. They have agreed to suspend foreclosure but have not provided a good through date so time is of the essence. 2. There is a $300,000 federal lien against the title. They are familiar w/ the deal and have agreed to lift the lien since the property is being foreclosed on This is my first assignment deal so I am looking for buyers (w/ proof of funds and/or pre-approval letter) and ANY voices of experience that are willing to share a few words of wisdom that might help me get the deal done. BTW, a little about myself. 8 months ago I was in pre-forclosure myself. People like you folks inspired me to reach for more in life. Hopefully this deal is a good first step. Keep it up!
