Novice2003

Okay, I think I have one... I usually look for 3 bdrms / 2 baths, but this seemed like it may be a good starter. Please, please somebody, please help me structure (my second offer) this deal: Hi, Everyone! I got a fix-up for cash: (ad) "Fix-up For Fast Cash- Retail it for 50K in 14 days!" is what the (ad) says. I was wondering if You could take a look at this and let me know how, if possible, you could possibly help me put together this deal, and funding: (ad) Single Family Price: $26,964 Stories: 1 Beds: 2 Baths: 1 Sq. Ft.: 954 Lot Size: 50/100 Year Built: 1925 (ad) "An no-brainer rehab for the experienced and a great starter for the remedial investor. Repairs necessary to move this wholesale property lightning fast:" *Replace Roof(to meet FHA standard) $1500 *Replace Carpet & Tile $1600 *Paint Inside/Out $ 2000 *Sheetrock $ 300 *Replace Appliances $ 500 *Fixtures $1000 *Misc. $ 600 _________________________________________ Total Finishing Expense $7500 Projected Return: $15,000.00 (more than a 40% c.o.c. return!) I started out looking for 3 bdrms / 2 baths, but when I found this I thought it a good starter! What do you think?? Please. Amy.

Hi, Walt! "Fix-up For Fast Cash- Retail it for 50K in 14 days!" is what it says. I was wondering if You could take a look at this and let me know how, if possible, you can help me fund this ReHab: Single Family, Dallas TX Price: $26,964 Stories: 1 Beds: 2 Baths: 1 Sq. Ft.: 954 Lot Size: 50/100 Year Built: 1925 "An no-brainer rehab for the experienced and a great starter for the remedial investor. Repairs necessary to move this wholesale property lightning fast:" *Replace Roof(to meet FHA standard) $1500 *Replace Carpet & Tile $1600 *Paint Inside/Out $ 2000 *Sheetrock $ 300 *Replace Appliances $ 500 *Fixtures $1000 *Misc. $ 600 _________________________________________ Total Finishing Expense $7500 Projected Return: $15,000.00 (more than a 40% c.o.c. return!) I started out looking for 3 bdrms / 2 baths, but when I found this I thought it a good starter! What do you think, Walt?? Can you help me?? Amy Dallas, Texas Papersavvy@worldnet.att.net

"Whew" You don't know how much better that makes me feel! Thank you again, MichaelC... I'll be talking to you (the boards) real soon. Amy.

Thank you, MichaelC! I am happy to meet you, and I know I will probably get on your nerves, and make you sick of my questions... I hold so many, so be warned . I remember using some of the real life scenarios from a couple of the courses I'm reading. I just wrote what I read (contingencies, clauses, subject to's, etc.) into the contract! The house was listed for $120,500, it appraised for, I think it was $98,000. The seller had made some improvements, adding an in ground pool, cabana, and a new kitchen. The stove and refrigerator and patio furniture would remain. If I remember correctly, they owed $31,000, the house was 40 years old... in a good neighborhood. Comps from $68,000 to $110,000 I think. I had asked that the seller take back a second for the amount owed, and allow me to pay interest only payments with a ballon payment of the principle in 6 years. Anyway, I structured the offer subject to my getting a loan for 90% of the appraised value, and pay the remainder of the asking price from the sell of the house. (At least I tried to sound like I knew what I was doing.) When it came to filling in the numbers, I was blind... I didn't know how to put it together on paper so I just filled in the spaces with some numbers and prayed I had done it right. When they saw the numbers, they laughed... but they were nice to me as they laughed me to my car! MichaelC? Will you help me set up my next offer (on paper)? I have all the due diligence in order, I just need to learn to structure my deals on paper. Again, thank you! Amy.

Hi, everyone! I love this site!!!... its awesome!!! So much information it would take all month to see everything . My name is Amy, and I have been reading courses (from Carleton Sheets to Joe Crump) in the Real Estate Investment opportunities for a while now. I thought I was ready for my first deal but when the sellers saw my offer, they laughed. As a matter of fact the wife laughed so hard she was in tears . The husband (both, actually) was so nice in their suggestion that I go back to school and try it again that I never wrote another offer again. I was embarrassed, and ashamed to try again. I ran back to the rat - race, and stayed there until I was laid off this past spring. I have read and listened to all my courses and tapes, and I think I am ready to begin again except, I really want to submit a less comical offer this time . I want to submit the proper offer on my next investment property. How, Where can I gain this skill??? So far, not knowing how to prepare the paperwork is the only mountain blocking my way. Thank you all in advance for your help. Amy