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Andrew Ikeda

Need a partner for a deal

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Greetings Everyone,

 

I am trying to put together a deal together for a quick flip and am looking for a partner for this deal.

 

An executive summary is available upon request. Pictures of the property will also be available shortly.

 

Here's a brief description:

 

2929 NW Conrad Ct, Camas, WA 98607

 

3/2.5 SFR built: 2002 2,835 sf .19acre lot

 

This is a house going to auction on Wednesday, May 27, 2009 at 6:45 pm at the property site.

 

I've got a realtor on it who thinks she can sell it within 60 days for our planned selling price.

 

We plan to bid up to $250,000 at auction. If successful, we'll turn around and sell for at least $325,000. The assessed value is at $468,700 but we're going to take off 30% to be on the conservative side, so that leaves us with our assessed value of $328,000. We're leaving some money on the table in order to move this property quickly and avoid holding costs. My power team and I are aware of the importance of a strong exit strategy, which is why we're willing to compensate fairly while at the same time, leave the buyer some equity.

 

I'll need a full $250,000, which makes it an LTV of 53% based on the $468,700 assessed value or 76% based on our assessed value of $ 328,000.

 

The fees and expenses are estimated as follows:

 

Closing costs including Realtor Commission : $32,500 (10% of sales price)

Fix up: $10,000

42,500

 

325,000 - 42,500 costs = 282,500 - 250,000 loan amount = 32,500

 

Partner/Investor to get $30,000 and I get $2,500 for the bird dog and other grunt work. :blink:

 

We'll have comps by this weekend and I'll have pics later today.

 

If you are interested, please contact me:

 

Andrew Ikeda

email: andrew.ikeda@yahoo.com

Phone: 360-225-0805 (If no answer, please leave msg with name and contact number and email please)

 

Thank you very much for your time and consideration.

 

Sincerely,

 

Andrew

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Scratch this deal. I'm moving on to other deals.

 

Thanks for your consideration.

Andrew, what about deals with option "considerations"?

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