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About mr2monster

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    Making Calls
  1. Okay, so the house across from me went up for sale. I talked to the realtor on the deal and she told me some things that maybe she shouldnt have. Anyhow, i know now that i can get the house for about 11000 under FMV There are current tenants in the home that would like to stay. They cant buy it because they dont have the credit score to do it. Numbers: on the market for 210,000 Sellers will take 199,000 Agent payback on commission 8000 Tenants ready and willing to stay... they are paying 1050/mo right now but would understand an increase. Basically my mortgage would be ~1280/mo.. i would increase rent to that amount on a LP. here is what i was thinking... I tell the realtor that i will use her as my buying agent if she gives me 2% back at close. (seller pays 6% regardless of what realtor sells the home.) I know she wont go for 3% back but i figure i can present her with making 4% on the sale as opposed to 3% if i use another realtor. Anyhow, so this amounts to about 8000 at close. and i am under FMV by 11000 The tenants want to stay and are willing to sign a year lease and put a security deposit. I think not! How bout i sign them up on a lease purchase once i own the property and collect a Option Deposit instead! Sell the home (homes in the area are appreciating very rapidly i made 100K in 1 year 2 months). What am i not seeing here? I need to JUMP on this if it is a good deal because it just went up yesterday afternoon and its not even in MLS yet.
  2. I've been a busy guy lately trying to get my hands dirty with investing, thus the long period of time since my last post. Anyhow, there is so much competition out here in AZ for this stuff that i want to broaden my portfolio a bit. I hear from a guy that i work with that tax sales are a good long term investment. Not sure if he knows what he's talking about or not but I happen to have some cash to play with so i thought i would give one a try. Anyone got any info i could look at, links to go to, people i could call. Free info is always best but if it seems worth it i might be willing to pay too.. thanks in advance for the help.
  3. Heres how i figured it: 85320 (sale price) 76630 (Buy price and 3% realtor commission) _____ 8690 split Now, i can just take the 8690 at the back end and have no option or i can split it up and take 2400 now and collect 6290 on the back end. Either way I am making 8690 plus any cashflow if there is any. Did i do this wrong?
  4. Im talking about doing a sandwich lease with the seller and having the TB paying closing costs, not a CA. I would initially buy the home for a 6% drop (full price minus what they would have paid in realtor commissions) fronting 3% when i close with the seller to the realtor as a referral. I would get the 3% back on the back end because of the discount i bought the house at and the gap of my selling price. on a normal deal the gap would be smaller because you would be giving a seller "full price" not Full price minus 6%. I'm actually coming up with an extra 3% for the split because i am only paying for half of what would have been paid out on realtor commissions by the seller(i.e. paying 3% to save 6%). Does that make sense? Or am i wrong? Ive got enough of a savings that i can afford to do this, not to mention the TB will be putting a Option Payment down so i will have that to replentish my savings until the TB buys.
  5. http://www.naked-investor.com/forums/index...indpost&p=11080
  6. I've got a ton of realtor contacts and i was talking to one yesterday that has a condo that she cant sell.. They are looking for about 79000 and are comped right within FMV. I asked her if they would be willing to sell on a lease purchase and if they needed the cash out to buy their next home. Well she called me back today and told me that she talked with the lender and they have good enough credit and dont need a down payment and that this was a feazable solution. She also said that she talked to them and they were willing to go this route as well. Here is what I'm thinking.... I give said realtor her 3% out of my pocket right now. Price of the home is 79K. the seller will net 74260 after paying realtor fees which they were planning on doing because they have a realtor. So If i can buy the home for 74260 net, front the 3% to my realtor friend as a referral fee (total into the house now is 76,630), have her cancle her contract and let me take over ( she is willing to do this) I would be good to go right? Average appreciation on this home over the last 4 years is 8%/year so that would make the TB price 85320 at the purchase point of 12 months. According to my #'s that is a $8690.00 difference, 2400 of that coming now as option money, 6290 coming at the back end. plus a cashflow if i can make one. I havent done rent surveying yet. I probably wont do a rent credit unless i cant find a TB. Am I missing something here?
  7. Thats an old listing, Its not in MLS anymore anyway... I checked to see if they used that picture on MLS as well... that would have REALLY been funny. Its rehosted too on someone elses server, none of the side links work. I about died laughing at that though..
  8. I guess my question was really, Do you drop your price when your homes dont appriase for the asking price or do you make your buyers pay the difference. In some cases spoiling a deal so that you can collect another option payment and start over...
  9. No, homes appreciate according to demand, but if your home at the time of sale is overpriced out of FMV and it doesnt appraise for that, then you either have to have someone pay out of pocket, or you have to drop your price. you can be priced above FMV as long as your home will appraise for your asking price at that time. Meaning, I've got to find me a very nice home appraiser. haha.
  10. oh okay.. well thats fine then. I guess i just had a misunderstanding of the 10-99 form. Thanks DaveT
  11. Okay, heres the 411. haha. I want to pay my girl friend a referral fee for every person she signs for me. She's going to be making some calls and i told her that anyone that came through with a deal would earn her a referral fee. Thats the only way she is being paid. I dont want her hired as an employee as i am a subS corp and i think my CPA would hate me. My question is this, i dont want to screw her, well monitarily anyway, at the end of the year by 10-99ing her and making her pay more in taxes, etc. (maybe i have a misunderstanding of the 10-99?) how would i structure it to where i didnt have to 10-99 her but i would still get the write off for whatever that would be called... marketing? business growth, whatever??? That way she could just claim it as misc income and pay normal taxes on it. Also, while I'm here, how much do you pay for referrals that close?
  12. What happens when a property doesnt appreciate to the price that you have specified that the TB will buy for? If it doesnt appraise for that ammount the TB will have to come up with cash out of pocket if they still want the house correct? Either that or you will have to drop your selling price? Anyone have any experience with this. I dont want to figure wrong and mark up a property X% and have it not meet the number when its time to sell.
  13. Hmmm, anyone know how i can get ahold of Mr Trump? I've got a commercial deal lined up and i need details FAST. Its a home that was zoned commercial and turned into a Day Care. Investor holds a note on it and forclosed on the buyer because they went bankrupt. There are 3 buildings on the lot, but they are subdividing it and selling one individually and the other 2 together as commercial property. #'s: ~200,000 in need of some rehab, could go either way (business or residential) -No mortgage, only prop tax etc. -Very open to creative real estate. Says a LP would be great. -Doesnt want to go any further until i "see the property so i understand fully what she means" Is there anything special about a commercial property that would prevent me from doing this? For all intensive purposes would MichaelC's contracts work okay? Help, I'd love to get this deal.
  14. Beginner's luck. I disagree... This script is kickin a$$... I have 4 more appointments out of 42 calls with numbers already down. Basically i just need to go to their house to look at it, make sure I WANT the home, and have them sign.... I guess i should start looking for TB's This success has motivated me to get a voice mail box for while I am at work. I'm sure i can come up with the money somhow... haha
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