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Jdolinski

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About Jdolinski

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    Newbie

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  • Website URL
    http://www.altpropertymanagement.com

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  • Location
    Muskegon, Michigan
  1. This set of properties are in various stages of repair. Many single family homes that can be turned around for quick profit. The average sales price is below SEV and below current market sales price. Most have current occupancy permit and they are about 70% rented. These properties are going to be put on the Market at $725,000. I have a couple different ideas of how we can resell and split up this set of properties. -Jason ALT Property Management Website JDProperties.pdf JD_Portfolio.pdf ALTBrochure.pdf
  2. Two more question then, the goal of the investor here is to get paid and not just provide a service. If the t/b doesn't buy the property then how are we going to make a significant income. Cash flow is not going to be enough with the initial deposit to make these deals worth it. Also if we are giving rent credits and they don't follow through on the purchase of the property then they have a perceived amount of equity in the property. I have heard cases of Judges awarding that equity back to the buyer even though they defaulted on the property. How do you protect yourself from that? Sincerely, Jason
  3. Thank you that does clear things up quite a bit for me. I just understood that Sub2 many people get the Deed to property and then they basically forget that they are not the mortgage holder. If you are planning on telling them the plan then I understand how it is a sub2 flip is a up and up deal. It just seems that the idea was to keep the seller in the dark and cash out the $5000. Thanks for the clarification. Not trying to be difficult, but these are the questions that as a homeowner I am going to be asking. (and as a REALTOR®)
  4. So let me understand this straight. You are placing the credit of the original homeowners on someone else who you didn't do a credit check on? That seems a bit cavalier with their interest to me. I am all about making a buck, but how are the owners going to feel when you made them believe that you were reputable and were going to ensure them that you would make their payments and then you just give it off to the next person with 5 grand. There is no real equity in the house and they don't have a reason to refinance. They own the deed and well they could care less if they pay or don't. I am not sure if I understand this correctly.
  5. This is exactly my question. Isn't the idea of the rent credit so that the t/b would have a portion of the down payment? Maybe I misunderstood the reason for the rent credits? Just getting the purchase price down doesn't mean that the buyer will be able to qualify for a mortgage and that would it seem would be our end goal. So if the property appraises for $300K and we sell it for $285K then the bank will just assume that $285K is 100% of the value. What is the point of the of the rent credit if not to make it easier to finance? Thank you for your quick response.
  6. First time poster, I had a question regarding this rent credit. Isn't it just a principle reduction? Won't the bank have an issue when they go to refinance this? I know that it sounds a lot like some of the "investors" were doing out here in Michigan and the banks wouldn't consider it towards a downpayment. "It's important to note that most sellers will usually only allow a credit to the buyer if the monthly lease payment exceeds the property's fair market rental amount. Going back to our previous example of $1,000 per month payment, monthly credit would only be given if the lease payment exceeded the fair market rent. So, if $1,000 is actually the fair market rent (this is usually determined by an appraiser or other market expert) the buyer would have to pay $1,100 in order to receive a $100 per month credit toward the property's sale price or closing costs" Lease Purchase Thanks, Jason
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