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DeeLight

WTH I am over my head

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ok just laugh at me or with me. I just got this call from my early morning cl mailings. honestly, I don't knwo where to begin with this. he wants a buyer that wants $500 cash flow per month more than he wants a l/o. he just though the would call to see what "we" could do.

 

whew. I love stepping out on a limb but sometimes it's kinda hard to breathe up here. here's what i got from my convo with him---wrote as fast as i could.

 

 

Bought at trustee sale---likes fast turnaround, FAST

 

house in San Bernardino

piti is $650 FMR is $1150-1200

$100 per sf sell at $150 per sf

12-14% margin $500 cash flow

tenants want to stay

owner will consider l/o and replace tenant in prop

BUT mainly wants a buyer that wants cash income

 

Got 4 more people that want me to call them. Hope I wasn't premature in just getting out there and marketing. sheesh

 

Thanks!

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Hehe. I guess there is some truth to the old saying "Be careful what you wish for". :)

OK. So you are now officially the greatest thing since canned beer and homeowners are saying, "Take my house, please". No need to panic. Let's take 'em one at a time. This one above is a good starting point. Don't take his numbers as fact. Run the numbers for yourself and let's see where we are. Then we can proceed from there. Also, whatever anyone does with this property is subject to any existing lease agreement with those tenants. Get some info on that, too.

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omgosh Michael, you are there . . . kinda like . . . the crei God.. whew. Thanks, I am on it---will check it all out. You have some serious vig coming when I get these done B)

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You got it Baby!! Yum!!

 

K, here;s another one. I have been playing phn tag with a nice guy that is a mtg banker---called from one of my cl emails. I know a mtg banker could be a good person to have on my team but how do I speak with him---like what's in it for him B)

 

I have an appt to talk with him at 5pm today---he really wants to connect.

 

Michael, reallllly, I am totally flying by the seat of my pants; oops they're slipping :lol: :lol: :lol:

 

Don't go on vaca right now, k?

 

k 4 more calls to go. wheeeee this is so frrreakin' fun and scary as hell!!!

why should it be scary ? they don't know where I live; they don't know the names of my kids and I may never talk to them again :P

But I wanna talk to them lots and make LOTS o $$$$$$$$$$$$$$$

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What's in it for him? Well, mortgage brokers make their living by getting buyers financed. Bring him t/b's who are in Rent-To-Own deals or who want to be, and he has mortgages-in-waiting. He looks over their finances today, sees where they need to be in year, and works with them to get 'em qualified. Win X 4: homeowner, you, t/b, and the money man.

 

 

 

PS: try decaf. . .

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Awesome! That's what I thot----but it's kinda crowded up there in the ole brain right now. :P

 

The #s on the deal I mentioned above are looking accurate to what he told me---right to the letter. he wants to sell at $130.

 

So, would I get it under a pure option or l/o and then market it in a couple of the forums I'm in? There should be some buy and holders that would be happy with a $500 cash flow, right? Is there anything else to do with this? :huh:

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DeeLight, I like it, I like it. Go for it and I can't wait to give congratulations on your first L/O deal!

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OK I think I'm ready.

 

1) I'm going to ask the seller if that's his bottom price;

2) Get a pure option (from the Manual) on it ( I haven't had the forms checked out with an attny---no $$ to do that)

3) Going to post on this forum and Biggerpockets.com

4) See if I can sell my option.

 

Jus one lil tiny thing---hehe

 

what would an option like this be worth? The monthly cash flow is $500. Sellers price is $130. Comps at $135

 

Is this it??? My virgin deal? oooo what shall I wear? does my hair look ok?? :lol: :lol: :lol::P

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hmmm where did everyone go?

 

Just an update. Seller will discount a couple (to a few) k if it's a cash deal. I've put out feelers to see if there is interest in a prop that provides the $500 cash flow.

 

I decided to put the price at $132k (comps at $135 easy). My option consideration (see that Rex---good wording, right?) will be 2k which is in the sales price.

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So with this deal it seems like you are looking to sell to an investor? The rents spread is great, but I would think that an investor would be looking for wholesale purchase price.

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So with this deal it seems like you are looking to sell to an investor? The rents spread is great, but I would think that an investor would be looking for wholesale purchase price.

Steve is right. Cash flow is great but few investors are going to pay full retail price. Still, I think it's a great opportunity for you to jump in and get some real world experience, and to do so without any risk. Market like a woman possessed and let's see what happens.

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So with this deal it seems like you are looking to sell to an investor? The rents spread is great, but I would think that an investor would be looking for wholesale purchase price.

 

Steve is right. Cash flow is great but few investors are going to pay full retail price. Still, I think it's a great opportunity for you to jump in and get some real world experience, and to do so without any risk. Market like a woman possessed and let's see what happens.

 

"like" a woman possessed???? I AM a woman possessed! :lol: :lol:

 

I thought that they should give a better buy price too. Being that they are investors you'd think they know the game. What do you use to check FMR?

 

Thanks!

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