next deal

[-Tony- 0]

Okay, conventional buy at 82k needs 2k to fix up (someone else will do) +4k closing. it will appraise for 120k when done.

 

l/p 138k

1k w 50%rc

my mtg broker already has a t/b lined up inches away from qualifying w/4k down

cash flow will be $285* $205**

 

*with no additional financing **pull a 10K out with a HELOC. which would give me 8k above my cost C..H..A.....C..H..I..N..G

 

We should close at the end of the month and my partner will close on a rehab after fixed it will bring 20k each.

[Gary (MO) 0]

GOOD JOB Tony! Where'd you find this deal? Hey....I'm thinking back on some of your other posts....you're having a pretty good year!!! Good job!

Gary

[Adam King (MI) 1]

Tony,

Playing the field...

Cool stuff,

Adam

[MichaelC 160]

Mama's gettin' new shoes again..........

Congrats, Tony!

[-Tony- 0]

GOOD JOB Tony! Where'd you find this deal? Hey....I'm thinking back on some of your other posts....you're having a pretty good year!!!

Not a stellar year, just okay. Remember, one of my l/p deals I will reside in, one will not take effect for another 18 months, and the last we will see, the option is up in December. To be honest the one that is up in December I kind of hope they don't exercise. I could finish out the garage for less than 1k and sell for about 30k more.

 

Gary, it is hard to find motivated sellers in my area so, while still marketing for them I decided to make other less creative ventures (although I believe if I make as much as the last, and expect to on the next couple it must be creative). These came straight off the MLS.

 

Here is how it works (I am in a large metro area where a neighborhood can go from one end of the spectrum to the other in a matter of 2-3 blocks) but I know the divisions fairly well. So, I find them, I then pre-screen and do a CMA with my Realtor. If everything looks good my partner comes out and looks at it, (he is a structural engineer). At this point we discuss what our bid will be and if they have had other offers.

 

As for the house on this post I have made the discission that if the appraisal comes back over $120,001 or more I will sell for the flip.

 

A couple of things I have noticed. Just FYI, it's Sunday, I am at work and bored:

 

1. a good team is important (Realtor, mtg Broker, Partner, GC, Title Co,

Appraiser, etc.)

2. Modification to your game plan is a good thing, it just means you're learning

3. when you see a house look for ways to increase the sq footage

a. comps will go up i.e. better price

b. if it cost you 1k but you're able to get 1k more in option money it's worth it to increase the back end 10-15k

4. Partners are not a bad thing (we all have our job and each is equally important)

even if the partner is there to ease your fear

5. origination fees brokers charge are negotiable (my next house is waived)

6. There is freakin good money in Real estate (as opposed to false estate? )

 

Just a few I still have another 7 hours so I might edit

 

Thanks guys

[MichaelC 160]

1. a good team is important (Realtor, mtg Broker, Partner, GC, Title Co,

Appraiser, etc.)

2. Modification to your game plan is a good thing, it just means you're learning

3. when you see a house look for ways to increase the sq footage

a. comps will go up i.e. better price

b. if it cost you 1k but you're able to get 1k more in option money it's worth it to increase the back end 10-15k

4. Partners are not a bad thing (we all have our job and each is equally important)

even if the partner is there to ease your fear

5. origination fees brokers charge are negotiable (my next house is waived)

6. There is freakin good money in Real estate (as opposed to false estate?  )

That's an insightful list, Tony. I figured it's worth repeating. Thanks for sharing.

[puls1234 0]

Congrats Doug.... I mean Tony!!!!

[grannyguru 0]

Dang!

 

...So THAT's what's wrong! I've been trying to do false estate!

 

 

Alice

[<Steve> 82]

Sweet Tony!

 

Keep roll'in

 

<S>