Nashvillebirddog 0 Report post Posted June 19, 2007 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! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 19, 2007 Hello, NashvilleBirdDog, and welcome to The Naked Investor! We're glad you found our lil' corner of the internet, and thanks for the kind words. Best wishes with this property, and all your future real estate endeavors. And special congratulations on picking yourself up, fighting off that preforeclosure, and reaching for the brass ring! Share this post Link to post Share on other sites
